Equities, credit derivatives and gold all reached multi-month peaks yesterday as further good news on the US economy and a fresh burst of bid and merger activity bolstered risk appetite and kept the dollar on the back foot.
“At the moment it seems that for every investor suffering a moment of doubt about the long-term prospects of this economic recovery, there are another two who are willing to buy into the smallest sign of weakness and keep stock markets on the up,” said David Jones, chief market strategist at IG Index.
The powerful rally in risk assets over the past six months has widely been attributed to the huge levels of liquidity in the financial system – largely as a result of central bank policies.
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