By Chris Becker
Go buy USD, and when you’ve finished buying USD, go down to the USD store and buy some more USD. Sell your gold, your Yen, your Aussie and especially Pound Sterling and when you’ve got that all together, go buy some more USD.
That’s the message playing out on risk markets at the moment and we could add US Treasuries to the sale pile as well as the growing realisation that the US Federal Reserve is going to normalise rates is weighing on trading decisions everywhere. This was reinforced by initial jobless claims last night, in anticipation for tonight unemployment (NFP) print which will decide probably the direction of markets for the rest of the year.