I am not very clear how the very last leg higher in Risk and related assets (from 3 September 2009) is related to the prior move up from July lows (in thick blue). In any case, this last leg is close to its end. I expect it to end anywhere from here to around 2% above current levels (DAX 5720).
In FX, get ready for a fairly big and meaningful appreciation of the US dollar, about 10% against majors, and 20% against EMFX, as shown below on a daily chart of USD/BRL (Brazilian Real):
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