Market Turmoiling As 104 USDJPY Support Cracks

Market Turmoiling As 104 USDJPY Support Cracks

News that India may be folding on its capital controls had sent gold and silver surging this morning but following this morning’s collapse in emergency claims benefits in the US (expected, but still shocking), precious metals are extending gains, Treasury yields are tumbling, and the USD is well offered. US and German stocks are also cracking lower (with chatter of a flash-crash in Germany’s DAX). The more likely driver of all this weakness is that Nomura (or some large Japanese BoJ proxy) lost the 104 USDJPY anchor

and trying to pin this on some fun-durr-mental news is pointless… this is why it’s breaking…

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