All the correlations worked until they didn’t.
Perhaps the biggest shock of the day is that “Risk Off” doesn’t mean a knee-jerk purchase of the US Dollar.
It’s been plummeting all night, and is now off over 1%.
But actually this is not a new thing. The down-market, down dollar has been happening quietly for a while — well, basically since the beginning of June.
So, uh, will tomorrow’s big jobs report save us?