Fresh highs of the day as risk trade improves
It's a tough market for correlations.
Yesterday, risk trades broke down and that put a big bid into EUR/USD and helped it more than 100 pips higher to 1.1240 from 1.1135.
Today, the S&P 500 is making a session high -- up 1.1% -- and so is the euro.
The gains started in a broad US dollar selloff on weak inventories and import prices. Those are two low-tier indicators but it's a market that trades on a whim and that's the latest way the breeze is blowing.
On tomorrow's economic calendar, it's PPI and the preliminary Sept U Mich sentiment report.
In terms of EUR/USD, the quick trip higher was quickly unwound. Greg highlights the 1.1310/31 as a target to the upside.
