Low-emotion day
There isn't much intrigue in markets at the moment. Central banks were in the spotlight last week and the bond market move has stopped in part due to the turmoil in Turkey.
The lira is getting beaten up today but otherwise, some emotion is coming out of the market. Generally, a quiet market is a bull market and there has been a slow grind higher in equities that now has the S&P 500 up 0.9% and the Nasdaq up 1.7%. Breadth is a bit poor but with stimulus checks rolling in, there is money to buy dips.
The dollar is slowly sliding as well and AUD/USD is near a session high at 0.7750.
The euro has been particularly perk in the last hour or so and is up 40 pips to a high of 1.1943 and rising above Friday's best levels.
Baring some kind of surprise, i can see the market continuing in this direction for the rest of the week. Keep an eye on yields though, that story isn't ending any time soon.
