Gold In Euros Breaks Out, As Inedible Metal Hits All Time Highs In Europe
And Brent priced in Euro's hits new highs for the last 7 mo.'s. as well. See Previous post.
WTI Euro Divergence
Of course today's Eurozone jobless number rising to 10.1% doesn't exactly bode well for whatever products they might be planning on refining from that crude.
And storage isn't particularly attractive with the curve flattening out.
Back to FX - with all the noise over Euro, one can be excused for overlooking the Yen top.
The more recent complete 5 waves up from May this year is rather obvious, and the Fib retrace points no doubt will provide some support , at least short term. However this latest move up likely completes a long term move up beginning in '07 at 80.59. If that is true then the the Yen will overlap this years lows, with .97 being a .62 retrace of the longer term structure.
Combined GDP of Eurozone, US and Japan '09 = 35.6 Trillion
China and India = 6.22 Trillion
No comments:
Post a Comment