The EUR/USD shorts are running for the hills as the USD is getting smacked around, trading under the 79.50 level. After Bernanke hints at more QE, Gold and Silver both caught a bid trading higher by more than 1% this morning. Also, WTI Crude is higher today after Friday’s parabolic move. Supposedly, Iranian Oil Supplies came in lower than analysts expected. Today, definitely feels like a “Risk-On” day, but we all know how fast the “risk on” trade can change.
Monday Events:
Singapore IP (Feb): Consensus expects 4.1% Month over Month
Israel CB Meeting: We expect no change from 2.50%.
Argentina GDP (Q4): We expect 7.8% YOY vs consensus of 7.5% (9.3% Q4).
Ben Bernanke and Draghi Speak today.