I’ve seen it blamed on everything from a potential delay in the Brexit vote to Bullard’s resumed dovish tilt. But, yesterday’s stick save was simply the result of our old friend — the USDJPY ramp.
After one of the most devastating dives yet (thank you, FOMC) the pair went on a non-stop melt up which, along with CL bouncing just below our 46.34 target, saw SPX/ES make one of its most vicious V-shaped recoveries this year.
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