Thurs/Fri moves unwinding
So far today the theme is retracing a portion of the excitement on Thursday and Friday about central banks.
One of the drivers has been the mediocre response in Chinese stocks. Shanghai didn't get a chance to react to the PBOC cut until today and the market closed up just 0.5%. When the news was announced, the A-shares US ETF had risen 2% so it's a disappointment.
Otherwise, the strong bid in the US dollar late in the week has retraced moderately against the yen, slightly against the commodity currencies and not-at-all against the euro.
I think the lack of a bounce in the euro is the biggest tell.
