Big risk rally greets Biden inauguration
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Stock markets hit record highs
The peaceful transfer of power is ongoing and it looks like it will happen without issue. Trump is one his way home to Florida and Biden is preparing to be sworn in as President.
The mood in the market has improved considerably in the last hour or so with the S&P 500 jumping 41 points to a record. The Nasdaq is leading the way, up 1.8% compared to 1.1% fro the S&P 500.
The commodity currencies are cheering the move as the lead the way in FX while USD/JPY is down in a classic ‘risk on’ move. The bond market isn’t exactly confirming the moves, which is something to watch.
I’m watching close to see if USD/JPY can break last week’s low and start to chew into the Georgia runoff rally.
