It’s a tough day to make heads or tails of the market.
For me, some of the biggest news coming into the day was disappointing Chinese import data yet the Shanghai Composite jumped 3.4%. Maybe most eyebrow raising fact about FX today is that CHF/JPY is the best performer.
That’s a pair that usually moves in the same direction. Combine it with simultaneous rallies in bonds and stocks, along with a relentless bid in the euro and it’s a head-scratcher.
I don’t know if there is too much you can take away from a day like today. Look to upcoming data on Chinese industrial production and the saga in Syria for clues on what happens next. Otherwise, I think most of today’s moves fade.
