The first ‘full’ day of business for the year certainly would have woken a few folks up ! And any thoughts that it would take a few days to settle in and see where liquidity and flows would come from will have gone…
The AUD certainly saw some good profit-taking flows both against USD and the crosses, however I am in the buy the dips camp for the moment as I believe the general market didn’t get on the pre-New Year ride and it will take some serious ongoing adjustments in commodities to change that: much of the AUD buying was fund-balancing imo.
The ‘proud pound’ has rallied well which will cheer Sean and a few followers.
Let’s see what the day brings….
