Another remarkable afternoon with financial market stress very much at center stage. Gold prices have rallied an astounding $85 or more than 10% in a single session. Mattresses are also selling briskly as savers look to stuff them full of cash rather than trust their local banker.
Heavy dollar sales by asset managers have been seen this afternoon, reversing earlier trends. The rebound in commodities prices have helped revive the fortunes of CAD and AUD while demand for GBP/USD in very large amounts by a fund manager dragged EUR/USD skyward as well.
No real shift in sentiment this afternoon but there has been a shift in flows. With markets far thinner than normal, medium-to-large orders are having a greatly amplified effect.
