Equity sellers strike at the open again
I've been tracking the equity selling at the open closely in the past week and it's absolutely a phenomenon. Futures were flatish again and now just 45 minutes into trading, the S&P 500 is down 28 points.
That move has led to a broad 'risk off' tone in FX. The dollar and yen are climbing against the loonie, AUD, NZD, GBP and euro.
USD/CAD has risen through 1.27, which was yesterday's high. It's been a sharp run to the upside with oil down about $1 in the last hour and $1.35 on the day. The weekly high of 1.2708 is a sneeze away.