It appears JPY weakness (or generalized USD strength) is mirroring the demise of precious metals (and oil) this morning. Gold's 1.7% drop is the biggest in 6 weeks and drops the yellow metal to near 3-month lows. Treasury yields are up 5-8bps at the long-end. Troublingly, for the carry bulls, equity futures are not playing along with the JPY weakness.
Gold and JPY inseparable...
[3]
S&P fuitures bumped back up to VWAP but are not following through with JPY carry...
[4]
Charts: Bloomberg
