I suppose I was a non-believer in the risk aversion trade on the way down last week and I’m a non-believer now that risk is back in vogue. It’s July and we can expect these gyrations which we then try to put some meaning to. The AUD/USD has motored through a series of resistance levels and looks set to test into the .81 handle. The JPY crosses made a huge recovery but the much touted Toshin maturities may possibly start today so don’t be getting too bulled up, just in case.
Good luck today.
