WTI crude oil down $6.13 to $67.71US 10-year yields down 3.5 bps to 4.34%Gold up $5 to $3373S&P 500 up 1.0%GBP leads, CAD lags
I hope you enjoyed the show. Today's news and price action was a reminder that the puppet masters are all just playing games, even in war.
With that, crude was crushed in the clearest sign of de-esclation in the war. If anything, it looks like the war might be over completely with in days, as there is no appetite for a ground invasion or long US involvement. After peaking at $78.40 shortly after the open, WTI crude was sold hard all day and fell to $67.70, an $11 intraday decline.
The reason the US dollar was so soft afterwards -- USD/JPY completely reversed a 200 pip gain -- is that Fed policy is so uncertain at the moment. Other central banks have cut far enough to take a pause at lower levels but the Fed could cut materially from here, particularly with oil prices dropping like they did today.
Eyes are now on the euro as it nears 1.16 once again and looks set to finish at the highs of the day.
This article was written by Adam Button at www.forexlive.com. Read More Details
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