Price action over the past 24 hours has been a bit unusual in our opinion, with risk sentiment dramatically improving, currencies rallying sharply, and global equities racing higher on the back of a decent round of global data on Wednesday.

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Wednesday’s Price Action Could Be Overstated; Proceed With Caution

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Growth Data Impresses but SNB Likely to Remain on Hold

The yen weakened against its higher- yielding counterparts as reports showing an improvement in Chinese manufacturing

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USD/JPY - JPY attracts investors as USD looses strength

The Australian Dollar surged against all of its major counterparts after second-quarter Gross Domestic Product figures showed the economy added 1.2 percent in the three months through June, topping economists’ forecasts calling for a 0.9 percent increase and marking the largest increase in three years.

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Australian Dollar Soars as Q2 GDP, Chinese PMI Top Expectations

The US Dollar and Japanese Yen sank as risk appetite firmed on Australian GDP and Chinese PMI figures in Asian trade. Stock index futures point to more of the same in Europe, but the US ISM report may derail risk’s advance.

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Dollar, Yen Fall as Risky Assets Rebound, US ISM Looms Ahead

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USD Graphic Rewind 09.01

Euro selling may resume in European trading hours after the single currency paused to consolidate in the overnight session as robust German jobs data highlight the economic disparity and likely monetary policy paralysis in the Euro Zone.

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Euro Selling May Resume as German Jobs Data Underscores ECB Paralysis

The Euro and the British Pound were little changed in overnight trade as prices consolidate NY-session losses against the US Dollar, with the safety-linked greenback capitalizing on renewed risk aversion.

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EUR/USD - Euro may start to gain due to little thrust on USD….

Any effort by Japan to weaken the yen after it rallied to a 15-year high may fail without help from the U.S. and the European Union, currency strategists say.

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USD/JPY - Lack of drive in JPY sees USD on full throttle

The euro had an uneven performance this past week; but the outcome that really mattered for the shared currency was the progress made against the US dollar

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EUR/USD - U.S. dollar slows down as Euro looks to accelerate……

Crude oil fell, heading for its third weekly decline as a slowdown in U.S. manufacturing added to concerns that the economic recovery is faltering.

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Crude Oil / USD - Crude oil could rise although correction is inevitable…..

The necessary fundamental ingredients are in place for a market-wide deleveraging of risky positions; and yet the bear move in capital markets and bid for the safe haven US dollar have dried up this past week. This comes as something of a surprise given the high-level event risk that has crossed the wires over the period that would theoretically support the dominant bias.

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Risk Aversion Tempers after EURUSD Crosses 1.27 and the Dow 10,000 as US GDP and Policy Come into Focus

The Euro looks vulnerable as accelerating money supply growth puts downward pressure on the single currency’s yield advantage but a rebound in risk appetite hinted by stock index futures may deter sellers in the near term.

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Euro at Risk Ahead of Money Supply Report But Stock Gains May Deter Sellers

The yen and dollar fell against most major currencies on speculation central bankers from around the world will signal at a meeting starting today their intention to maintain stimulus measures to sustain the global recovery.

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USD/JPY - Lack of drive in JPY sees U.S. dollar on full throttle….

The Euro corrected higher in overnight trade but sellers are likely to return as Germany’s IFO survey of business sentiment points to souring confidence while US stock index futures lose Asia-session gains.

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Euro Selling to Resume as German IFO Declines, Risk Aversion Returns