If you're not watching the currency markets, take a look. The last couple of days have been quite wild. The last hour especially.

https://www.marketwatch.com/investing/index/dxy

Look at the shape right now. I'm sure it's not attempting to launch into outer space, but you could be forgiven for thinking that it was.

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Possible triggers from financial headlines in the last few hours:

"EUROZONE PPI MOM ACTUAL 1.1% (FORECAST -0.4%, PREVIOUS -0.9%)"

"FED SWAPS PARE WAGERS ON RATE CUTS FROM 2023 PEAK"

"Average hourly earnings rose by 0.3% for a 4.4% year/year increase."

"Nonfarm payrolls: 517k Act vs 185k Est, 260k Prev"

"Average Hourly Earnings: 4.4% Act vs 4.3% Est, 4.9% Prev"

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For bears: The big move downwards in August 2022 started like this:

a) Fear and Greed had just peaked short of 70.

b) Almost identical size of rally in % terms, SP500, from June lows -> August high, as we've just seen from October lows till Thursday.

c) July US NFP job report came in hot in early August.

d) Big companies began warning about bad earnings to come.

For example: https://www.bloomberg.com/news/articles/2022-08-09...

lux

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