The market… It’s alive.
After a seriously slow run in major markets, we suddenly have signs of life. Not much, but enough to spark some chatter about what’s going on.
With no obvious macroeconomic trigger, gold has dropped 1 per cent to $1,243 an ounce, while the dollar has pushed higher particularly against the yen, against which it’s now up 0.35 per cent to Y111.66. Dollar moves against the euro and sterling proved fleeting. Some fingers are pointing at a move in the euro against the yen as Patient Zero. It’s up 0.27 per cent on the day now at Y124.85.
The best guess from analysts so far is that this is some kind of flow rather than a ‘fat finger’ faulty trade, and also that in normal more lively market conditions, moves on this scale would not be enough to raise eyebrows.