Now that widespread panic has subsided, the market is reverting to some familiar trading patterns. EUR/JPY is rising and falling modestly with equity prices, giving some ground at present as US equities slip back toward unchanged, shedding early gains. Very large liquidity injections by the global central banks are beginning to ease funding pressures short-term. Oil prices have slipped into negative territory after a rally through $101 early in the session, another sign that strains are easing some.
We’d still recommend steering clear of short-term punts until we see at least a few days bordering on stability rather than just a few hours.
