Spreadex Market Update
Equity markets lower on back of poor US jobs figure
While the market has somewhat stemmed the bleeding from the euro, holding at $1.23, the fundamentals driving the currency materially changed last week. Specifically, the carry trade between the euro and all other pairings was diminished significantly by the 25 basis point rate cut. Indeed, lending dollars for euros is now only three quarters that of what the rate dictated last week.
Commodities, though, have managed to remain well bid for the session, with crude and metals trading higher in spite of a lagging equity market. The abating dollar strength has no doubt helped.
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