What did I write all day yesterday? That the market was expecting a really horrible number and it would take a real stinker to send the risk-aversion trades and stocks lower. What did we get? A number bigger than the worst estimates and a lousy revision to go with it. What do I do? Jump off the bridge like everyone else. Idiot…
So here we are with 10 minutes to go. EUR/JPY is closer to session highs than session lows and stocks are up nearly 300 points. What have we learned after another chaotic trading week? It looks as though USD/JPY has tested its trend lows and survived, a hopeful sign for those hoping for asset markets to bottom well ahead of the economy. They say the stock market is the best leading indicator. It may be showing us the way now.
EUR/JPY heads into the weekend at 118.40, up from 115.85 lows.
