Did we just witness the first sparks of a broader risk aversion move that can finally turn US equity indexes, the yen crosses and EUR/USD? Volatility swelled through the session with a flight-from-risk shift that was mirrored across the capital and currency markets. A fundamental deleveraging of risky positioning is overdue given fading growth, anemic rates of return and the drug-like dependency on stimulus. However, we have seen similar shocks quickly fold in the past. Should we consider the incredible GBPUSD, Gold dives and early moves amongst yen crosses prophetic; or play this as another false start on a heavily one-sided market? We discuss this pivotal fundamental balance as well as options for both scenarios in today's video.

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