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JPY Ramp Rescues Stocks (For Now) From Plunge To 3-Week Lows

By March 17, 2014No Comments

When S&P 500 futures opened they tumbled ten points very quickly along with JPY crosses. This pressed US stocks to their lowest intraday level since 2/24, hovering at key post-correction lows support. However, thanks to an impressive liftathon in JPY-carry, S&P futures rallied all the way back to green – until China opened with its wider trading bands slowing carry-traders. Gold prices surged (as stocks fall) then fell back (as stocks rallied) and are now unchanged. Key overnight will be Europe’s reaction as Germany appeared to edge away from sanctions against Russia while Barroso and Van Rompuy were all-guns-blazing.

Gold prices jumped above $1390 as they opened but faded back as stocks recovered…

S&P futures hit 3-week lows…

But were rescued by a JPY ramp… until China opened…

Charts: Bloomberg

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