UK 30-year gilts are down a whopping 45 basis points to 4.33% today and that's helped to put a bid into all global bonds. In turn, the US dollar is selling off and S&P 500 futures are up 51 points.
The dollar slide has accelerated in the last 30 minutes, hitting session lows against everything ex-JPY. In particular, the commodity currencies are making some nice moves led by a 1.4% rebound in AUD/USD after the pair hit a two-and-a-half year low last Thursday.
The ability to hold the low through Friday and today is a good signal for a further potential bounce but to generate any kind of confidence in that call, 0.6350 will need to break.
