Risk trades rebound
The relentless buying in the yen has abated and stock markets have rebounded in the past half hour. The turn coincided with the Qatar investment into Turkey and the close in European markets for the day.
The euro has been particularly solid and is now in positive territory on the day at 1.1347 from a low of 1.1301. Bids at the figure helped the pair spark a bounce and now the opening high of 1.1350 is within striking distance.
Reversals like this can run a long way, especially when US tech stocks start to get some momentum. Still, I hate to trust a rally over the US lunch hour.
