Risk on the theme
The new week is starting where the last one left off.
S&P 500 futures are up 0.5% to start the week after a massive rally in global equities last week, including +10% in some European equities.
Protests didn’t slow down the market last week and they aren’t having an effect today. In FX, the US dollar and yen are sagging, which is a classic risk-on stance.
So far the moves are modest with the commodity currencies up 15-20 pips. The pound was especially soft late in the day Friday but it’s got some life early, up 27 pips to 1.2695.