Are EURUSD and the Majors Soon to Follow SPX, Gold and Oil Turns?
• An initial dip by gold was sharply reversed however as commodities soared through the US session
• It is 'seasonal' effect versus a troubled forecast to determine risk trends moving forward
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The FX and capital markets are already off to a volatile start this week. The Swiss Gold Referendum has iced a looming threat to EURCHF, commodities put in for a dramatic reversal higher, US equities have started to slip and the docket is filling out for monetary policy speculation moving forward. With this kind of start to the week and month, expectations run high for how it will evolve with event risk like an RBA rate decision today or the ECB and NFPs due later. Will it be a status quo conforming to what is historically the best month for S&P 500 performance and weakest for volume. Or is the undercurrent too strong to curb? We discuss what is moving the markets now in today's Trading Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.