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Yesterday, during early New York session S&P500 index was trading close to 2080 level. Around 8 o clock Easter time it was trading around 2070 level. However, within next 50 minutes it fell as low as 2040 before bouncing back sharply. Currently trading around 2067.
- At that point there was nothing that could justify this sudden move and bounce back.
- Only release during that hour was China PMI, which registered a better number at 50.1, this is highly unlikely to be a bad news.
Today, Pound was trading comfortably around 1.483 after better than expected manufacturing PMI data was released from UK. However, within half an hour pair is down close 100 points. Currently trading at 1.474.
- Once again there is nothing that could have justified this sudden move. Blaming the dollar won't be easy as Euro and Yen hardly made much of a move.
Occurrences of these sudden move warn against volatility and underlying tensions brewing in the market.
Few days back Saudi Arabia led air strike ignited massive selloffs across world equity market from which many of the world indices are yet to recover.
Federal Reserve participants in recent commentaries warned against market sensitivity and aggressive positioning, that resulted in massive dollar sell offs post FOMC last month.
