Ordinary Monday! No serious moves that would be interesting for me. The only one that is worth mentioning is a collapse of silver over the night. I do not see any fundamental reasons for that. In my opinion the commodity has run to the levels it is now at too fast and it is natural process to expect sharp corrections in any market if prices rises very fast in a short period of time. Then corrections that follow these price advances are also pretty sharp.
Another explanation for the collapse in silver is the death of Osama Bin Laden. I guess this could be connected with the move in commodity but only short term. This event seemingly adds stability in the world. I would not agree with that, but as I do not want to politicize on the blog I will not discuss the topic any more. I still hold to the position that silver will continue rising and reach one hundred dollars per ounce this or next year. In fact it formed 123 pattern after a collapse and could be an opportunity to take a trend up soon.
Aud/jpy is making attempts to go higher. We will see how successful it is. Some important piece of news is coming later in the day, so let us wait to see what the outcome of it will be. I believe that more serious moves will start after that and after data is released from Europe tomorrow.
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