EUR/USD is off its earlier highs of 1.4361 but still trades firmly at 1.4300 in thin trade as geopolitical concerns drives demand for traditional save havens. EUR/CHF is at its lows for the day at 1.4940 after breaking support near 1.5000 overnight. Gold is weel supported, at $884.00 up from about $870 late Friday.
Oil is higher as well with traders mindful that it was the Yom Kippur war that prompted the Arab Oil imbargo of the early 1970s, one reason the oil-free Mediteranean area of the Middle East continues to impact oil prices 35 years later.
Liquidity is a joke across the markets today and will remain so the rest of the week. Be careful trying to “fade” the trend.
