The Ups and downs of US dollar driving the action today.Dollar stayed lower most of day but caught a decent bid into The London currency Fix at 10:00.The higher Dollar caused an unwind of Long Stocks,Short bonds trade.Gold which has been struggling to stay positive all day surrendered gains as did Silver.Without the threat of negative rates Gold has very little in the way of Bullish Support.Yellen in her speech yesterday hinted at Easing Measure the Fed has available to them,negative rates was not mentioned.
Weekly EIA numbers did nothing to stop the Bullish move in crude oil as the Numbers leaned bullish. Whereas gasoline was the exception as the Demand for it last week dropped.Crude Oil and Brent have followed the move lower in gasoline after initial pop on storage numbers.
The European /London close time frame of 10:00-11:00 usually is a period of increased activity,Today no exception. Profit taking / position squaring did ensue as a short-term risk off trade took place.Reminder payroll on Friday will keep most speculators shortening their time frame for trades.
I am curious to see the trade post 11:00 to see if the mini risk off trade is just due to European close.European Stocks markets still closed with solid gains with Dax +1.6%