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The spectre of an over-leveraged basis trade added to the pressure, triggering heavy selling of both the US dollar and US assets. The reaction was swift and stark:
US 30-year yields hit 4.95%, the biggest weekly gain since 1982
Liquidity was thin, which only amplified the sharp moves.
USD/JPY took a look under 143.00EUR/USD hit highs above 1.1350CHF and GBP also roseAUD and NZD gained a little, as did CAD
Meanwhile, Chinese equities broke a three-day winning streak after the US revealed its China tariffs now total a staggering 145%, rekindling investor anxiety over trade tensions.
This article was written by Eamonn Sheridan at www.forexlive.com.
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