Big moves all around, if not in implied volatility.

Link to slide deck: https://bit.ly/44n5rhj   -

The equity market rallied continued apace yesterday, encouraged by a drop in treasury yields all along the curve and benign US PPI data. Earnings season kicks off in earnest today and gathers pace next week - can companies deliver after the aggressive expansion of multiples over the last three months? In FX, we note that in trade-weighted terms, the Euro is at all time high (nominal effective terms according to ECB measure). We also note the rising anticipation that the Bank of Japan may have to tweak policy at its meeting in two weeks. Commodities have also been rocked by developments, where today we focus on crude oil, copper and silver. Today's pod features Ole Hansen on commodities with John J. Hardy hosting and on FX.

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

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Intro and outro music by AShamaluevMusic