Risk appetite came screaming back into the markets today as higher stocks and surging crude oil prices punished the Dollar and the Yen as the warm rays of optimism helped nurture the so called “green shoots” of recovery we keep hearing about. As markets show increased signs of thawing with higher equities and oil as well as greater consumer confidence, traders become more convinced of economic recovery and they tend to flock to higher yielding “riskier” currencies as they flee the safer, lower yielding Yen and Greenback. This is the script that was played out today in Asia, as the dollar lost ground to all major currencies and the Yen was sold early against all but the Dollar. Full text »
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