Remember the four corners?

Those of us of a certain age who have an interest in college basketball will remember a strategy employed by the legendary coach of the North Carolina Tarheels, Dean Smith. Smith’s team would get a lead and then stall to run out the game clock. They called it the “four corners” where the players would spread out and pass the ball back and forth for as long as possible to keep the opposition from having a chance to score. The strategy was so successful that they changed the rules of the game and instituted the shot clock.

There is no shot clock in foreign exchange trading and dealers have gone into the four corners offense, essentially wasting time, waiting for tomorrow’s employment report.

US equities are down over 4% and the forex market is barely reacting (1.2540 and 98.35). Hard to imagine what percentage loss will give the market incentive to liven things up.