US equity markets are jubilant at the decision by President Obama to apply travel sanctions against numerous Russian citizens and entities (though we – like every other rational investor out there – are confused as to why this would be). The simple reason is a surge in the EUR (repatriation on this move by Obama) which jerked EURJPY dramatically higher and thus – smashed S&P 500 futures up over 12 points (on negligible volume)… Bonds and gold have hardly moved on this decision…
EURJPY rules stocks…
and nothing else cares…
Charts: Bloomberg
