As anticipated, New York’s return to the capital markets had encouraged a tentative buildup in ‘risk trends’. With speculators looking to a return to full liquidity, we saw EURUSD move above 1.3000 and the S&P 500 advance towards 1,425 (both decisive risk moves). Yet, it is telling of what the influx really meant to the capital markets that both the most liquid currency pair and benchmark equity index both reversed course through US trade.
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