NY Open: Twenty pounds of headlines
Markets started the day in a confusion of incoming news as ECB chatter met with trade talk updates and US macro data. EURUSD took it on the chin and dropped from 1.1270 to 1.1235.
The military standoff in Syria between Russia and the US and its allies is a point of extreme focus for markets in the wake of the weekend's US/British/French air strikes. One of the assets most central to this continuing risk flashpoint is of course crude oil, with sanction actions against Iran and Russia vying with potential supply disruptions as the key narratives.
Saxo Bank global macro strategist Kay Van-Petersen is looking to short the June WTI contract from $67.10/barrel in a high-conviction trade.
He is aiming to target levels around $62.00-$65.00/b, but recognises key risks developing such as retaliation from Russia.