Yen crosses skid to the lows of the day
Equity markets are souring with yen crosses falling to the lows of the day and 10-year Treasury yields at the lowest since October.
As I highlighted earlier, you don't want to be long risk into the weekend because of the possibility the virus could spread. It was the same thing last Friday.
I expect this is heavy European selling ahead of the close.
Notably, USD/CNH (Chinese yuan) has risen back above 7, which is an inflection point for manufacturers.
Month-end factors also seem to be a big part of the trade at the moment with some big demand for EUR and GBP.
Watch out for a reversal after the London fix.