Despite upbeat leading indicators data and news that the IMF is creating $250 bln SDR’s (something that has been in the works since the G20 meeting last spring), EUR/USD was unable to overcome 1.4250. Prices dipped briefly below 1.4210 and we are now consolidating around those levels. Small trailing stops are eyed below 1.4200 and below the intraday support level at 1.4180.
Stocks and oil are well off their highs as the reflation trade takes a breather across the board. Oil stalled at $64.90 and is now $1.20 ower while the S&P is now up 2 pints after being up 8 earlier.
