As traders on Wall Street get back to their desks there does
seem to be something of a reality check taking place, and this is producing
some rather exaggerated moves across a number of markets. Right now however
it’s risking becoming an overreaction - the S&P is back above where we
closed last night, gold has seen the shine taken off it, oil prices are falling
and USD/JPY is back at 102. It all points towards a quick retreat out of the
safe havens that traders flocked to overnight, but it’s worth remembering that
this is August, volumes are going to be a bit depressed and this could well be
exaggerating the volatility.
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