Today some very significant moves across asset-classes – despite the apparent close-to-close ‘blahness’ of stocks (Dow, S&P, Trannies small red, Nasdaq green) and bonds (30Y unch, 5Y 2bps) from Friday’s close. The USD surged to fresh 15-month highs, ripping another 0.6% higher as GBP, EUR (1.28xx), and JPY (106.xx) all faded dramatically. US equity markets entirely decoupled from JPY (in fact became negatively correlated) and US Treasury yields ripped higher – tick for tick with USDJPY’s rise. Gold and silver slipped 1% on the day, copper limped higher (after an early plunge) andoil rebounded to close with a small loss near $93 (Brent under $100 for first time in 14 months). Late-day news of ‘delayed’ sanctions sparked the standard post-EU-close buying panic, regained S&P 2,000 (and Futs hit VWAP), and ensured Friday’s bad-news-is-good-news jobs meme stands.
This post was published at Zero Hedge on 09/08/2014.
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