The US equity market continues to be well supported on dips, pushing further into record high territory. It seems the combination of blind momentum and expectation of favourable US policies are helping to keep the move going into this week. But at the same time, there is a nervous tension out there as the VIX sits at unnervingly depressed levels.
The Euro has come under added pressure this week after ECB Draghi caught the market off guard on Monday, saying the Euro recovery needed to translate into stronger inflation, while substantial accommodation was still needed. The comments come in the aftermath of a less than impressive weekend election result for Germany’s Merkel and rising political unrest in Europe as reflected in Spain
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