January 7, 2016: JPY is the strongest. AUD is the weakest
Different verse. Same as the first.
The Chinese stock market had its 15 14 minutes of fame today. That is how long it was opened. And in that time the Shanghai Composite fell 7.04%. The yuan moved lower again but then there may have been some intervention to slow the currencies decline down. The JPY pairs - on the sound of the bell - sold off with the equities in what has been the Pavlovian reaction in the new trading year, and the indeed the JPY takes the lead on the snapshot table of strongest and weakest currencies as North American traders enter (see below).
The weakest currencies are NZD and the AUD as they continue to feel the brunt of a China slowdown.
The US dollar is in the middle of the table again with gains against the commodity currencies and the GBP, and down against the EUR, JPY and CHF. The GBPUSD was hit hard but is recovering a bit as NY traders enter.
US index futures are all down sharply with the S&P futures down 43 points and the Nasdaq down 125. The Dow is expected to fall 300 points. Oil prices are below $33 at $32.90 currently but off the low of $32.08 (12 year lows). Gold is up $8 to $1101.Treasury yields are off 1 to BP.
US employment claims out at 8:30 AM with expectations of 271K vs 287K last week (may have been influenced by seasonal issues). BOC Poloz headlines are coming out now.
It will be wild ride it seems today.
