Market Update

Another round of disappointing US housing figures took the market by surprise.
At the same time, Japanese data has surprised strongly to the upside.

Rate spread changes are pointing lower for high-yielding currencies (especially USD and GBP) and higher for low-yielding ones (especially CHF and JPY).

Beware of unwinding in EM crosses and risky assets, if the JPY surges higher.

Stocks are not likely to change much today, as the US is closed (due to President’s Day).