Precious metals and the British pound are the weakest major currencies, while the Japanese yen and U.S. dollar are the strongest, fitting the current “risk off” retracement.
The price of WTI Crude Oil has hit a new 2-month high price, as demand for oil intensifies.
Although political analysts generally concur President Trump has no way to remain in office, betting markets are still taking bets on the eventual certified winner, with President Trump implied a 5% chance of remaining in power.
I expect the Japanese yen to rise over this week as a reaction to last week’s fall, as the Japanese economy enjoys its fastest rate of economic growth in over 50 years.
The Turkish lira regained a lot of ground last week after its recent run of strong selling. Typical mean reversion suggests the lira is likely to continue falling over this week.