From copper to high-yield credit and from stocks to bonds and gold, markets are reacting violently to the headlines from China that they are unleashing another 500bn Yuan "stealth QE" [8]... everything is rallying.. except the USD (biggest drop since May).
US markets...
[9]
Stocks are being driven by AUDJPY...
[10]
FX... USD's biggest drop since May!
[11]
with AUD and EUR bearing the USD weakness brunt...
[12]
HY credit tracking stocks higher...
[13]
Commodities are all surging...
[14]
Copper surges and halted...
[15]
Halting futures for 10 seconds...
Chart of copper futures - showing the 10 second halt $HG_F [16] pic.twitter.com/WqACr9buLE [17]
— Eric Scott Hunsader (@nanexllc) September 16, 2014 [18]
* * *
Let's hope risk asset algos aren't misinterpreting USD weakness-driven FX moves as a risk-on driver for too long... [19]
Charts: Bloomberg
