Interest rates are losing their punch in the near-term. The market is focusing on soaring oil prices ($65), seen as a play on the weak dollar and on a rebound in equities. Stocks are now up better than 1%, reversing about half of Wednesday’s losses. EUR/USD and Cable have recouped lost ground now that the auction is out of the way and risk-taking is back in style. EUR/USD trades at 1.3945 while GBP/USD is at 1.5940…I’m getting sea-sick…
Good supply was noted up at 1.3980 last time around…
