We saw some fairly sharp moves on Friday and most markets went out on their respective highs/lows.
The US has had the weekend to mull over the data on Friday and today will be an important indicator of market direction. Will we see the moves continue or has the market adjusted itself enough.
Stock futures are pointing lower today with the S&P down 7 points to 1852. Gold is flip flopping around 1300 while US bonds are mostly flat. US 10’s get you 2.72%
The euro’s fleeting rise through 1.3730 saw USD/CHF fold the other way and is back down through 0.89 to a low of 0.8884. AUD/USD has given up the big figure at 0.93 and is sitting on the lows too at 0.9262. EUR/CHF is testing 1.22 as I type.
USD/JPY saw a drop through Friday’s lows to test 103.00 but has since recovered to Friday’s close levels around 103.20/30
We know markets are all about watching and picking out the clues but I won’t be looking to jump on any further continuation from Friday unless it’s really confirmed by the break of key levels. If you’re sitting on any trades from Friday be alert for the possibility of a turnaround.
