Yesterday’s pullback in global equities? A healthy correction!
That seems to be the theme today as we revert to buying equities, loading up on oil and buying the currencies of the UK and its former colonies (exthe US, of course).
EUR/USD is slowly grinding higher within the session’s range, trading now in the high 1.4130s, Cable trades in the 1.6550s after reach 1.6572 late in London.
AUD/USD is consolidating in the 0.8250s after China picked up some cheapies around the 0.8200 level earlier in the session, after which all the markets miraculously began to re-embrace risk.
Watch stocks. That will be the driver for the balance of the session with perhaps a dollop of GBP profit-taking mixed in.