US dollar and stocks fall
USD/JPY dropped 40 pips as the market reacts to the emails between Donald Trump Jr that were framed as part of the Russian government's support for Trump.
The pair is trading at 114.10 from 114.50 previously. The S&P 500 is quickly down 14 points.
Here's the story on what was released.
A few times over the past 6 months the Trump-Russia story has roiled markets but none of the episodes have lasted more than a day or two. Later, they've all been wiped out.
Is it different this time? It's certainly a 'smoking gun' that Trump's team was looking for help from the Russian government and there was no indication that he raised an eyebrow at indications he was going to be getting info from a "Russian government lawyer".
My guess is this episode gets worse before it gets better, but ultimately it gets better.