Global equity and commodity prices retreated from recent highs and the dollar extended its positive run to a fourth session as worries over tighter monetary policy in China and concerns over eurozone debt triggered a broad flight from risk.
Divyang Shah, strategist at IFR Markets, highlighted the dollar’s push above Y82 to a one-month high, the euro’s break below its October low to trade beneath $1.37 and gold’s slide under $1,400 an ounce as significant moves.
“All systems are flashing a warning sign of a large correction,” he said. “The correction will provide an opportunity to gauge not only the extent of existing speculative positioning but also how much of an interest there is to buy risk on dips.”
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