It’s turnaround Tuesday! Risk is back in fashion, helping drag EUR/JPY higher. The cross is closing in on 116.00 from yesterday’s lows just below 114.00. The USD/JPY leg of the cross could run into some selling toward the 100-day moving average at 82.23. Stops are mixed in with exporter offers ranging up to around 82.35.
Traders blame a UK clearing bank with the bounce in EUR/USD from 1.4095 to 1.4110. Small stops are seen above session highs of 1.4117, clustered around 1.4125.
Oil is on the march again today ($99.50) after Goldman raised its forecast. Gold is higher as well ($1523), as are stock futures. (S&P’s up 5 pts).
