A few choice words to sum up today's markets; STRANGE, STRANGE, STRANGE; which all that really means is TYPICAL.
At 11:30AM EST, traders made a mad dash to bargain hunt for risk in the FX Markets. Here's a snap shot of how it all went down:
All carry traded currencies, paired against JPY, were up over 1% today thanks to YEN weakness:
Look for more upward follow through overnight, in both the ASIAN and EUROPEAN sessions, with the JPY pairs listed above.
It seems like both US equities and Commodities followed the FX markets, or did FX follow equities and commodities..?? Personal opinion favors FX leading the way. S&P finished flat for the day at 1328 but not before hitting a low of 1319 at around, you guessed it, 11:30. Oil ended flat as well at 97 but hit a low of 95 at 11:30.