The crowed reflation trade is coming a cropper with forced liquidation the theme of the morning. EUR/USD stops have been triggered below 1.40 and barriers have given way at 1.60 in cable.
Same story in commodities, equities and bonds today with big reversals seen across the board as the first move turned out to be a false step.
Look for EUR/USD to find strong sellers on any strength back toward the 1.4070 level. 1.3923 is next support.
