That’s tomorrow’s headline today.
The early 2011 low was 1045, just 8 points above today’s level. Beyond that, the 2008 crisis low as the shipping-cost index has fallen an average of 67 points each day for the past 12 sessions, almost halving the index since late Dec.
The index was a great early-indicator at the time of the credit crisis but has generally decoupled (I can’t find any chart with a strong recent correlation). Still the headline might weigh on commodity currencies tomorrow.
