Well the risk switch has been flipped back to the “on” position and stocks, commodities and currencies are all doing the usual dance.
Gold might be the most interesting market today, jumping 20 bucks before the switch was flipped. Either it has taken on enormous predictive value or traders are beginning to adopt the view that gold will go up no matter what, on risk aversion in case of financial meltdown or on hyper inflation in case there is no financial meltdown…
1.4860 is a key level near-term in EUR/USD. A sustained break will be a signal to many (me included) that the EUR correction is over in the near-term.
