On FX and Worst Fears
Courtesy of Bruce Krasting
Two market developments are worthy of note today (so far). Gold is up 2.5% (off a very cheap low) and USDYEN and EURYEN have made very significant 1.3% moves down.
Stuff like this scares me. It looks like acceleration in the flight to quality. The news backdrop is terrible and supports a panicky market outcome. My ability to look into the future has gone to zero.
For those that follow this blog for my read on FX, I cut out my short on the
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