Spreadex Market Update
Optimism fails to recede from markets.
This synthetic cornering of cash into higher-yielding assets by governmental institutions tends to attract much criticism, as the use of leverage by participants in search of a greater return can potentially create again those asset bubbles that require government support when burst.
But if the market backs the Fed, and capital not yet employed participates, then the start to this year seen so far might be just the beginning and become viewed as cheap in hindsight.
Gold continued in strength last night, trading higher than $1,710 per oz., and light crude toyed with $100 per barrel once again, with the dollar falling in sympathy. Eyes will turn to US core durable goods orders and unemployment claims due for release at 13.30 GMT, and new home sales at 15.00.
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