Try as we might might, we’re not always out front on market trends. One trend that flew beneath my radar was the rally in gold in EUR terms. With the euro falling like a stone and gold rebounding, the EUR-denominated price of gold continues to soar.
Now Europeans know the anxiety that American investors felt last fall when it was the dollar that was the ugly-duckling currency du jour…
Afternoon markets are quiet in the US today. USD/JPY and the JPY crosses have recouped much of their overnight losses while commodity currencies are back in vogue. EUR/USD remains weighed down by Greek woes but an already short market is limiting weakness. Sell-the-rallies remains the strategy.
EUR/USD is at 1.3350. USD/JPY at 93.42, EUR/JPY at 124.73, AUD/USD at 0.9282.
