Today's action is not great but yesterday's lows look like the key level. I liked the gap down on the open but this grind lower is a bit unexpected.
I mentioned the Swiss Franc yesterday and there is some impressive outperformance by the yen continuing today. I beat on the theme that European currencies could suffer if China revalues around the New Year. That may be what is going on now.
More thoughts on the currency moves and its effect later.
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