It was plain to see on Friday that the moves were overdone, especially in EUR and JPY. Now it’s payback time.
A weekend of CNN talking non-stop about high gas prices is the easy target for the ‘risk off’ mode but the G20 rift and apprehension about the LTRO are bigger stories.
We’ve already taken back most of Friday’s moves in EUR and JPY. It would be no surprise to finish the job.
