All eyes are on the US non-farm payrolls later today and it is hard to have much other conviction in the meantime. I still reckon the dollar will hold up well regardless but any immediate implications will be more for risk trades.
That said, one particular risk asset stands out so far this week in my view and that is oil. I'm surprised at the resilience, even as stocks look to be pressured even in trading yesterday. Oil is meeting some resistance around $80 for now but if there is a break above that, we could see prices revisit the $85 highs again next.
Meanwhile, gold continues to struggle and I'm still finding it tough to really put in a good word for the yellow metal despite the more favourable January seasonals. We'll see if any of that changes later today.
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