As I wrote yesterday, the market moves reminded me of 12 months ago when risk aversion was in full flow and this has continued throughout the European session. As Lilac mentioned after the FTSE fell by over 3%, we could be in for another Black Friday.

JPY crosses like the beloved AUD/JPY carry trade were smashed and I think that this is the beginning of a nasty move lower. The CHF crosses also fell and Gold maintained its gains. With liquidity now drying up, more big moves are very likely.

TGIF and be careful out there!