Risk trades hurt
Commodity currencies started the day off strongly but crumbled as New York came online, with the Canadian dollar leading the way lower.
The bleeding has stopped for the moment as USD/CAD touched 1.2493 before falling back to 1.2460. AUD/USD is 20 pips off the lows as we near the London fix, where another round of fireworks could hit.
The moves are outsized compared to dips in underlying commodities and the 21-point decline in the S&P 500.
Bonds are sending worrisome signs though with US 10-year yields down 7.7 bps to 1.353%.
