24-hours ago the markets were gyrating amidst ginormous volumes, rumors of large-scale sales by central banks, leveraged accounts, buying by supra-national organizations…
A day later, an eerie calm has descended over the market. Perhaps there is a bit of melancholy on the anniversary of the 9/11 attacks or a bit of shell-shock after a trying week for many in the markets.
Flow-wide, we hear Japanese exporters are dramatically lowering offers. This should limit USD/JPY rebounds over the near-term. Selling begins in the 91.20 region, we are told.
US equities are beginning to firm as the futures get ready to close ahead of the opening of the cash markets. The S&P is at morning highs, up 3 points. EUR/USD trades at 1.4595.
