What happened Monday? What a trading day. Commodities fell off a cliff in a real scary way. $GBPAUD, $GBPNZD, and $GBPCAD rallied over 200 pips in yesterday’s trading session as those commodity dollars took a major hit along with $GLD, $SLV, and $CL_F. It was incredible. Then bombs exploded later Monday morning during market hours in Boston. Another terrorist attack in the United States. The USD rallied slightly on the news as $GBPUSD tumbled below support but in today’s trading session cable looks bullish again. The markets feel a bit more stable today as the sterling continues to firm except versus the euro. $EURGBP has taken out major resistance at 0.8570 as it has rallied to new highs so far today at 0.8582. What is the world coming to?
- Gold price crashes (City AM)
- New low in pound net spec futures positioning (StockTwits) [CHART]
- Slovenia Not in the Danger Zone: Pro (CNBC) [VIDEO]
- Britain is more credit worthy than China (FxBriefs)
- UK growth back at trend rate, OECD says (Telegraph)
- Billions of pounds of QE unlikely to cause inflation – IMF (Telegraph)
- France plans currency swap line with China: paper (Rueters)
- Bank of England has ‘no new toys to play with’ to boost economy (Telegraph)
- Margaret Thatcher’s death on newspaper front pages – in pictures (The Guardian)