Lets use the CRB as a proxy for the madness we’ve seen in the markets this morning. I saw it down 4.4% at the worst (could have been more). It is now down 3.6%, so a bit of stability is returning after a rout.
The dollar too, is off its best levels, it should come as no surprise.
1.4630/50 is resistance now on rebounds in EUR/USD. We should also note that large quantities of 1.4600 strikes were purchased for expiry tomorrow. We may end up in a situation where we stabilize in a range of +/- 30 pips around the 1.4600 level for the balance of the session.
