(Posted Wednesday 12pm)
In case you had second thoughts, WTF is the abbreviation for Wednesday Thursday and Friday!
So, WTF’s happening globally.
· Last Wednesday was D Day. If the EU summit had failed then, financial markets would make Lehman a child’s toy. The summit dragged onto early hours of Thursday morning before ‘the package’ was agreed on. Asia and Europe market rallied.
· By Thursday evening, the US GDP figures came in very positive at 2.5%. Coupled with the early euphoria of the 3 package deal in Europe, financial markets roared all the way to US close. Most high yield assets like the Aussie, Kiwi, Loonie, Yen, Gold & Silver, shares, equities, Commodities moved substantially higher towards the month end of October, with the exception of the US dollar and Treasuries.
· Friday was basically consolidation mood.
By Monday, Japan intervened (helping Japanese exporters at …