Monday, 9 January 2012

Correct on 2012 So Far.

Morning all. As we expected, the first week in 2012 was a welcome relief from the downbeat tone towards the end of 2011. Now, as NY hysteria dies down, the strongly bid markets have become more melancholic into mid-Jan with the Euro tearing into 1.26XX territory against the Dollar.

I wouldn't be surprised if we saw a flat week, setting up some sort of equity-currency "re-couple". As we can note in the chart below, investors have markedly fled from the risk currency (EUR) but other risk assets, notably the EuroStoxx, are yet to follow suit.

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