EUR/USD has hitched its wagon to gold today, rallying to 1.2903 as reports circulate that China and Thailand have been buyers of the metal this morning, pushing it to fresh all-time highs.
Expect the usual talk of central bank sales above 1.2900 but also expect stops above the 1.2925 level. There could be a fair number of shorts in the market after this morning’s sharp slide in ZEW.
