The early optimism in risk assets has quickly unwound. A 0.9% rise in the Nasdaq has turned into a 0.6% decline and the S&P 500 is down 0.3%. Bitcoin is also back below $90,000.
Incredibly, European stocks are not bothered at all. They've hugely outperformed the US so far this year and the DAX is up 2.8% today.
Money appears to be moving out of the US and in favor of cheaper valuations. That could be rotation or it could be the unwind of a very popular long-US, short-world trade. In any case, it's been the trading theme of the year so far.
In FX, we're seeing it today via selling in USD/JPY as the pair has now completed the retracement of the earlier rally.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about usd jpy falls as the mood in markets sours was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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