Risk 0 – Ukraine 1

Well that’s at least how I see it. News reports have just encouraged bids on CHF, JPY and XAU….. so it’s hard on intra-day positions to ignore the situation.

http://www.reuters.com/article/2014/04/15/us-ukraine-crisis-idUSBREA3A1B520140415

Given that the market knows all, bear in mind that yesterday’s price moves reflected 11 deaths and some strong words form the key players and this morning a risk indicator like the US Treasuries are back to where they were.

ustbond_m14h4

People, and therefore the markets, forget quickly, so we will need an escalation in events to provide the same response….. it’s a bit like a crack habit.