One thing we haven't heard often in the past year was “the polls were right” but that was exactly what unfolded on Sunday in France as Macron and Le Pen won the first round of the election. The euro opened nearly 200 pips higher at the open with yen tumbling. CFTC positioning data showed few GBP shorts getting cleared out despite last week's jump. The Premium EURAUD long was closed for 240-pip gain, EURUSD long remains 205 pips in the green and EURJPY was stopped out at 190-pip loss.
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Silver, Gold & Broken Records
We may have started to sound like a broken record with our repeated stance in favour of silver over gold over the last 6-9 months, via our numerous bearish takes on the gold/silver ratio.
Protectionism won't Protect USD
The notion that Trump's planned protectionist measures (tariffs and border adjustment tax) will be USD-positive is founded on an unrealistic world –where Mexico, China and other US...