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Strategy Video: Risk Aversion Confirmed, Will Dollar and Yen Conform?

Strategy Video: Risk Aversion Confirmed, Will Dollar and Yen Conform?

2014-10-15 21:37:00
John Kicklighter, Chief Strategist
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Talking Points:

• The S&P 500 was at one point down 3 percent and the VIX surged to its highest level since 2011

• It takes time and conviction to turn a multi-year trend, but we are seeing evidence of it happening

• So, why did the Dollar and Yen Crosses not rally on the market's increased sense of fear?

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Though US equities recovered substantial ground into the NY close this past session, the stain of risk aversion is clear. Global capital markets are coming under selling pressure that is showing intermittent bouts of forced selling. This is breadth and intensity in a universal need to unwind 'risk' exposure. Still in the opening phase of a correction that can burn through excessive exposure and complacency, a uniform alignment to what is risky and what is safe can be choppy. That is perhaps why equities didn't suffer its full intraday losses through the close and why the Dollar and Yen Crosses didn't sync to their historical sentiment routes. Yet, as recognition and turnover sink in; elemental needs take over. We discuss this flip in conviction in today's Strategy Video.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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