| Published: November 19, 2009 4:55 PM | | | The NY session witnessed a total washout for risky assets. This was a welcome sign for the bears that see the current rally as long in the tooth. US equities shed more than -1.3% in broad terms but the recent correlation between stocks and currencies broke down a touch. Despite what was a beaten down equity market for the better part of the session, EUR/USD managed to rally from a NY open near 1.4860 towards the 1.4920/30 area as we write. USD/JPY meanwhile traded in tandem with Treasury yields, following the 10-year rate down to the 88.65/60 lows before recovering only to find resistance ahead of 89.00 currently. Gold suffered hefty losses early in the session as the precious metal squeezed down towards the $1130 area. Traders eventually shrugged off the US dollar strength and carried gold back towards flat on the day by $1145/46. » Read More | |
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