Bonds, commodities (and maybe FX) plotting a reversal
The themes today have been higher oil, softer bonds and a weak US dollar but the first two have unwound.
WTI crude rose as high as $50.92 to the best levels in two months but talk that worries about Russia and Syria are overblown have knocked prices back close to unchanged at $49.55 on the day.
The Treasury market has undergone the same thing in a smaller scale. US 10-year yields climbed as high as 2.13% a couple hours ago but have faded back to 2.09% and are down on the day.
The US dollar is showing some signs of a turn as the euro pares gains back to 1.1355 from 1.1379 but it's not nearly as visible as elsewhere.
The US dollar is the worst performer this week in what has been a sensational five days for the Australian and kiwi dollars. Even a small slide back to 0.7315 from 0.7340 has been almost erased in the past 20 minutes. Impressive stuff from the Aussie for sure.
