Last night’s volatility in AUD (thanks to its aberration of an employment print) followed by more China data weakness has seen carry-traders shift attention back to EURJPY and USDJPY. This morning saw overnight weakness ramped into the US open to ensure media coverage proclaimed everything fixed but once the day-session opened, the selling began and stocks are down notably – tracking JPY tick for tick once again…Â Still believe in fundamentals and efficient markets – don’t look at the chart below.
Oops…
Gold is stable – as are most of the commodity complex.
The USD started weak but is rallying back as stocks slide
Treasuries ramped higher in yield into the open but have rallied all the way back since the open…
