The dollar and yen advanced strongly with stronger haven demand stoked by concerns over the sustainability of the rally in global assets
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October, 2009
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The lack of follow through in risk correlated trades has definitely raised some concerns over the sustainability of this risk rally. In particular, the better than expected Chicago PMI and U. of Michigan Confidence failed to translate USD weakness as the EURUSD collapsed to 1.4720. Intresetingly, the sell-off was almost exactly to our expectations of central bank tightening, with currencies such… | ||||||||||||||||||||
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Another day brings another radical direction change as the week and the month draw to a close ahead of next week’s event-risk packed calendar. Should the bulls be running scared?
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