Stocks have edged through resistance around the 742 level as crude oil jumps better than 10% on the day. Not sure if this a contract expiry squeeze like we’ve seen a few times before or whether the rally is the real deal. I doubt today’s data was significant enough to boost crude 10%.
EUR/USD is not following through to topside despite the stock market rally. Dealers have noted selling from asset managers into rallies this afternoon and also that there are resting sell orders from 1.2850 up through 1.2900. Having bought high and sold low several times this week, dealers seem reluctant to get involved at present levels.
