Commodities are off their lows, particularly gold, which is $10 bucks firmer than the $1117.50 lows from about an hour ago. US shares have pulled into the black, up about 0.3%. The size of the gains is not impressive but the fact that stocks have barely felt the impact of this week’s flight-to-quality is extremely impressive indeed.
EUR/USD has bounced to 1.4735 and eyes next resistance around 1.4755. Whippy December markets have proven treacherous today.
Cable is up 90 pips from its 1.6185 afternoon lows as it continues to brutalize day traders. Resistance is at 1.6377, the high set during Darling’s budget speech.
