It’s all coming unglued on the first trading day of the quarter.
The soft ISM data has drilled the US dollar as a relentless bid boost the Treasury market. US 10 year yields are down 8 basis points since US traders arrived to 2.42% from 2.50%.
The S&P 500 continues to suffer, down 17 points to 1954 — the lowest in six weeks.
The US dollar is at session lows right across the board after 15-20 pip moves on the ISM data.
I listed 7 reasons for risk aversion earlier. Another one is Ford who reported soft Sept sales and now says sales will be ‘tempered’ for the rest of the year.
