Risk on, some places

Commodities are off their lows but not rallying dramatically in the wake of the improved employment report. Equities are dramatically higher, however, up 13 points on the S&P.

“Risk on” could limit EUR/USD losses but it is hard to see a dramatic rally in EUR/USD as US yields should continue to rise relative to Europe yields. USD/CHF may be a cleaner way to play dollar strength. Rising risk appetite tends to support EUR/CHF…