Meanwhile In Gold, Silver, FX, And European Bond Markets...

As the financial media breathes a sigh of relief and asset-gatherers can go back to their business of commission-taking, proven right once again that at first blush (because US equities are higher) Cyprus has been saved and the world is safe once again to extend risk wherever you wish; it appears something less than exuberance is occurring elsewhere. Spanish stocks (and Italian and Spanish bonds) are losing ground fast this morning; the USD is notably bid with EURUSD now below Friday's close; Gold and Silver are tumbling; Swiss 2Y rates remain at zero; and S&P 500 futures are at exactly the same place they were when the 'deal' was announced last night.

 

 

Charts: Bloomberg