A risk-off theme has been persisting, despite a gain in Chinese stock markets today. Oil prices are pushing 12-year lows, most stock markets outside China are down, while in in the forex realm AID-JPY, a proxy of China sentiment, is registering as the biggest mover out of the currencies we track, down 0.9% on the day so far. The AUD, NZD, CAD, and other commodity currencies are underperforming the USD, which itself is underperforming the JPY and EUR.
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