My hope that Brazil’s bold intervention in the currency market would calm equity markets as well proved to be unfounded. Brazilian and Mexican shares markets, the two biggest in the region, are getting hammered again, down more than 6.5% each. US markets are down about 2.5%. USD/JPY has pierced 96.50 and is consolidating losses just above that level while EUR/JPY is holding just above 124.00. 123.40 has provoked bounces twice so far today. Look for another wave of selling if that level is lost.