What can you really say about the past 12 hours beyond “I have have never seen anything like this”?
US index futures locked limit down. Cable off the lows (15265), EURJPY having a range of more the 1300 pips, USDJPY plunging along with Gold, Crude Oil, all of the commodity currencies and so it goes.
What we have is no longer simply a credit crisis but a confidence crisis. Massive deleveraging and carry trade unwinds, you name and it is a player.
TGIF!
