Risk assets are sinking in a big way.
EUR/USD bids at 1.3060, more at 1.3050 and stops below.
There doesn’t seem to be any concrete news behind the move. Stocks are lower on the Google miss but not terribly.
I have to point to the Chinese data. For me, just hitting 7.4% was a big miss. There were hints and signs of a better number and when you look at power consumption and other metrics, there are plenty of reasons to question 7.4%.
Cable is getting mangled here.
AUD/USD buffered by demand at 1.0350.
