It’s August, the third session and it’s already been a long month. Lots of people are away and there was no real need/desire to be a hero and that was fairly evident today from the offset. Walking into the Nikkei -12% doesn’t happen very often, not for 37 years as it happens and within the Japanese markets the real culprit emerged once again: The Yen. It strengthened by as much as 3% today, by 8% in the last 5 days and actually is near parity for the year vs the Dollar. The Carry Trade that has…
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