It seems all hell is breaking loose as all crowded trades get punished. Mixed employment, manufacturing and export data from US, Shinzo Abe’s unexciting structural reforms and Draghi’s cagey comments about fiscal stimulus did not help matters. The current showcase example of dizzy market behavior is the appreciation in Japanese yen, a currency that everybody had buried in their trades. Today’s fall of USD by over -2 percent against JPY marks the largest single day crash in three years. The dollar plunged to as low as 96.08, roughly a 3 percent drop, before moving back to 97.03. It seems the avalanche…
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