Something Just Snapped In FX Markets

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The dollar index is suddenly legging lower again this morning as USDJPY snaps back below 107, taking out last week's lows.

A chaotic overnight session, thanks to Navarro, but Yen is bid now with some market chatter about Softbank's flows...

 Something Just Snapped In FX MarketsG

Pushing yen back to its strongest against the dollar since early May...

 

 Something Just Snapped In FX Markets

This jump in yen sent the dollar lower again...

 Something Just Snapped In FX Markets

And gold is gaining on the dollar weakness...

 Something Just Snapped In FX Markets

Interestingly the trend in the last two years has been yen devaluation...

 

 Something Just Snapped In FX Markets

...but the last month or so has seen some attempts at stabilization...

 Something Just Snapped In FX Markets

We do note that Fed's Jim Bullard is making headlines on proving "great" forward guidance and not seeing any bubbles but nothing new there as a catalyst for this move.

 
 
 
Reprinted from zerohedge.com, the copyright all reserved by the original author.

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