Bullion fever is stoking better risk tones in the market
- Eurostoxx +0.6%
- Germany DAX +0.6%
- France CAC 40 +0.6%
- UK FTSE +0.7%
- Spain IBEX +0.8%
US futures are also at session highs, with S&P 500 futures up 11 points or ~0.3%. As convoluted as it sounds, the outperformance in gold is stoking better risk tones in the market - largely due to the focus on the 'lower rates for longer' narrative.
But just be mindful of an extended and further dip in Treasury yields that could toy with market emotions down the road if it starts to get more notice.
In the currencies space, this is keeping the dollar pressured with EUR/USD at 1.1820 and GBP/USD touching 1.3100 once again to kick start the session.
