Let’s see… Commodities? Hammered. Down 2.5%
Stocks? Ditto. S&P down 1.2%.
What is a trader to do?
Buy GBP/JPY, of course!
Talk about your strange days…. 97.6% of the time, GBP/JPY acts as a risk barometer but today, it’s doing its own thing, triggering stops above 133.20 We’ve been as high as 1.3340 and trade now at 133.28.
Firmer US bond yields (2.73% despite Fed buying this morning) account for the JPY side of the equation but the GBP side? I have no earthly idea…
