It’s baaack. The US dollar firmed:
Commodity currencies were flat:
Brent oil took a solid hit:
Base metals too:
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Big miners were pulverised:
And, most importantly, the US and EM high yield credit recovery has stalled, in fact, it did so a week ago:
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The jury is out on whether this is a pull back within the larger bear market rally or it’s end but if credit can’t find its mojo again then it will be the latter.