Mild tones of risk souring is seen across the board
The yen is now trading at session highs against the dollar now as Treasury yields fall to session lows. Apart from that, European equities are slowly turning red one after another as we hit mid-morning in Europe.
It's no major panic yet but it's early signs of nervousness in markets. I don't see any specific headlines to have caused the move but if there's one thing I can point to is that fears are coming back in as the Turkish lira continues to decline.
USD/TRY is now up by more than 6% trading above 6.20 and that is spreading across EM currencies with the South African rand also falling.
