Global Markets – S&P rallies; Oil consolidating

Risk-on! The S&P 500 is up 1.70 % on the day and almost back to flat on the year, while the DJIA is slowly heading towards the 17.900 level. USD/JPY didn’t follow the move in equities this time. Solid offers ahead of 120.00 have capped the topside so far and some EUR & GBP short covering in the past few hours have put some pressure on the Dollar. Meanwhile, Oil has been relatively stable today with an intraday range of 48.25-49.60. Gold bounced off $1205 support and is trading at $1213, while Silver is lagging a bit and consolidating around $16.42 after a third rejection off the $16.60 resistance area.

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