Yen surges broadly today as driving by steep decline in major European and US treasury yields. German 10 year bund yield dropped to as low as 0.497, comparing to prior day's close at 0.559, and it's now at 0.500. UK 10 year gilt yield reached as low as 1.446, comparing to prior day's close at 1.523, and it's now at 1.448. US 10 year yield reaches as low as 3.003, comparing to prior day's close at 3.063, and it's now at 3.018. Major European indices are trading deeply in red with DAX down -1.70%, CAC down -1.40% and FTSE down -0.78% at the time of writing. DOW futures also point to triple digit loss at open. Risk aversion is a major factor in driving the markets today. But central bank expectations after data miss is equally important. Markets got nervous after US President Donald Trump said he's "not satisfied" with the trade talks with China. USD/JPY got some support today after Trump tweeted that the trade deal with China is "moving along nicely." But the overall market confidence was already hurt by the confusing, ever-changing comments. |