US-China trade talks: A guilty silence leads to risk off tilt.  

It's too quiet

The mood of the market has gone from neutral/cautious to slightly negative/cautious as the US is taking too long to respond to China's tariff rollback requests. The silence indicates something is wrong.

It's like the silence you get in class when Bobby has hidden the teachers glasses and everyone knows , but no-one is going to tell the teacher. A guilty silence. That's what we have now. Something seems to be up , so JPY crosses are getting bids and we are seeing risk off moves. AUD, NZD weakness and JPY, CHF strength