For once currencies are playing the cool, suave, calm and collected role as the bond and stock monkeys run around with their arses on fire.

US 10’s have dropped to 2.56% and The S&P dropped a quick 7 ticks to 1942.

US 10 year yields 31 07 2014

US 10 year yields 31 07 2014

The buck is holding up reasonably well and other currencies are holding tight ranges.

It’s becoming a very difficult market to judge as there’s an awful lot going on at the moment. These moves are definitely not worth chasing right now and given the large falls today and dependant on how we close tomorrow will be important. If we get a decent bounce in stocks then anyone invested in thinking this is the start of a big move will run to the hills on fears it is just another shake out.