Commodity markets and equity markets trade today but those bond wussies have the day off for Columbus Day. Two out of three ain’t bad, so traders will focus on what’s left…It was a back up in bond yields on Friday which gave the dollar its boost, so with that leg of the stool missing, the final two breaking decidedly against the dollar.
Gold is consolidating gains above $1050 this morning while US equity futures are about a half-percent firmer in overnight trade. Both should keep the buck on the defensive in early New York trade. EUR/USD trades now at 1.4765.
