Yen buying was the order of the day as traders try to thump USDJPY lower - but all eyes are on the Clinton Trump debate today.
Markets across multiple asset classes are respecting technicals and trendlines - that tells you something.
Would you really buy Yen and Euro over the US dollar? - Let's talk about that.
USDJPY had a wild ride over the past 24 hours while the Aussie dollar is sharply higher.
It’s a huge 24 hours with the Bank of Japan and FOMC decisions. USDJPY is at a critical juncture, as is AUDJPY.
The Australian dollar shot higher yesterday as the US dollar came under pressure. But it ran into heavy selling overnight as US stocks failed to follow through on Asian and European ebullience.
Oil collapsed again even though stocks didn't build as expected. That's the sign of a bear market. Stocks slipped after that, the Aussie dollar pulled back from 75 cents and the signs of a paradigm shift in markets were front and centre once again.
Stocks dropped, oil collapsed, the Aussie dollar fell under 75 cents and investors retreated to the sidelines amid a general air of risk aversion.
Why? Because bond rates rising could be the paradigm shift that alters the way markets have been working these past few years.