Solid bull run by DXY
The solid bull run by DXY has been confirmed today by EURUSD as it trades below support, just above 1.28. The double top on EURUSD targets 1.2470. All of this takes the air out of commodity trades and we can see spec longs this AM of oil are at 3m lows. Commodity rally in miners and bulks looks questionable if USD breaking out again. USTs are positioned for Obama win 10yr longs rising according CFTC to most bullish since 2008/Oct. This is all a bit confusing b/c strong USD would be more indicative of Romney election win, while bond mkt is pricing in Obama win. Equities and periphery this am trading weaker more on EU noise.
No comments:
Post a Comment