The dollar has seen earlier gains ease ahead of the European morning
There is almost no shelter in the current market environment as cash remains the hot commodity so far on the week. The dollar is trading more mixed after outperforming earlier today, seeing gains ease after sharp moves seen yesterday.
The aussie and kiwi were battered to start the day, down by over 3% against the greenback, but have seen those losses trimmed to just 1% now.
Even cable has moved back up to 1.1570 now from a low of 1.1474 earlier in the day.
The volatility in the market is staggering as we are starting to see financial dislocations across asset classes with equities keeping lower while bonds are also pressured.
Overnight, the ECB, Fed and RBA announced measures to try and keep the calm with the ECB one being quite substantial but again, the market does not seem too impressed by monetary policy measures over the past two weeks.
After an "orderly disorder" yesterday, today feels like a day where literally anything can happen. And that's the kind of market that is really dangerous, especially with this kind of volatility.
