Things are turning sour as we look towards European trading

It's been a quick turn in the past 15 minutes as we see the jitters return to markets again. This comes ahead of European trading and despite the supposedly more optimistic headlines overnight, in which we saw a takeover of Credit Suisse by UBS and major central banks pledging to enhance dollar swap lines to bolster liquidity.

Broader markets cheered the headlines with risk trades opening with a gap higher earlier today but has seen that close all over the place now. 2-year Treasury yields are down over 30 bps from its highs of 4.029% earlier to 3.705% now (down 15 bps on the day):

That is taking yen pairs down along with it, as we see USD/JPY USD/JPY The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting Read this Term also drop by 0.3% to 131.30 after having been as high as 132.65 in Asia trading today.