New York Session - October 5, 2009 5:36 PM

Risk taking came back to the fore in NY trading and the US dollar was once again sold as a result. US equities rallied a smart 1.5% as the ISM nonmanufacturing report showed a better than expected 50.9 print for September after a 48.4 result the prior month. The market seems to have forgotten that downright ugly employment report last Friday and the bulls took charge once again. Commodities went on a tear on the back of the better data as well. Brent crude oil reversed the early weakness – when it plumbed the depths below – and managed to rally back towards the zone ahead of the close. Gold went absolutely bonkers and, after testing crucial support near 1003/1002, soared to session highs by 1017/1018 – where it still rests. Full text »