From looking weak and poorly, USD is now bouncing back. USDJPY is back to where it started around 113.55, EURUSD is down at 1.1600 from its 1.1643 highs, GBPUSD is back under 1.3100 and AUDUSD has hit a new low at 0.7648.
Again, no news to accompany these moves. European stocks are off the lows but still well down. US yields are ticking up a touch with 10’s hiting a high of 2.346% from a 2.315% low. Not exactly taking off but it’s USD supportive still.
I’m getting the feeling that the market is perhaps starting to get a little nervous and jumpy. The US stock market open could be very telling, to see their reaction to the Nikkei moves overnight. Could we be heading for a large correction in stocks? It’s well overdue but you could have said that for the last 9 months. The last decent correction was back over Dec/Jan.
A reminder that there’s a big options expiry at 1.1600 in EURSD, and the way the price is sticking to it like glue, with just over 30 minutes to go, means we could have some option related action.
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