While the markets have calmed down from last week’s volatility, the signs are that there is still an element of fear and uncertainty. Gold, the haven against risk, continues to recover off last Friday’s lows and yesterday’s inside day in the S&P highlights uncertainty with recent equity gains. In FX space, this uncertainty is seen with the reluctance to break positively out of ranges. GBP/USD stalled under range highs in the 1.6480 area and EUR/USD has stepped back from the daily cloud top.
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