The market is like a like a moody teenager. You can get occasional bursts of enthusiasm out of them but pretty soon they just go back to be being grumpy. Same story with the market today. We tried the downside in EUR/USD in early US trade but ran into some bids and quickly covered. We tried the upside after Philly Fed lifted risk appetities but soon ran out of steam.
It ain’t May yet, but 1.3675 seems to be the Maypole and the market is dancing around it…
