By Kathleen Brooks, Research Director UK EMEA at FOREX.com

Risk is back on and some indices are hitting fresh multi-year highs as I write this. Of course the big headline is the Dow Jones hitting 13,000. But the all-important NY close this evening will be pivotal to whether these gains are sustainable.

So what's driving the move? Firstly better growth signals from Germany and the US since the start of the year, and secondly the proximity to the ECB's LTRO auction in the middle of next week. Markets adore liquidity and growth ? so this is a heady cocktail for stocks right now. Although we are concerned that markets are a bit too blas