Oil back below USD 100
Brent and WTI are both trading back below USD 100, something people around the world will be delighted to see as they look on in astonishment when filling their cars. Whether that can be sustained, I'm not sure. The market is still extremely tight and recessions are not the base case at the moment. Faster tightening will increase the odds but we're not there. These dips will create hope but I don't think we should get used to double-digit oil prices yet.
Gold surges amid lower yields
It's been another volatile session and one in which gold appears to have come back into favour. It wasn't looking so hot earlier but as Wall Street neared the open, the yellow metal started to rally. Weaker US data and a hawkish ECB may be behind the move but the gold rally much exceeds the drop-off in the dollar. We seem to be seeing an inverse of the price action late last week and early this, with yields erasing earlier gains seemingly responsible. Is the gold recovery trade underway?
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