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Market turbulence often presents lots of opportunities, but there is still excess froth to be shed as the unwinding of leveraged carry trades persists for now. US futures were trading lower along with their European counterparts, major FX pairs and even gold in the first half of Tuesday’s session. Although US indices, Nikkei futures, USD/JPY, and commodity-linked currencies—assets that had been under significant pressure—rebounded from their lows on Monday, the recovery didn’t gain much traction overnight, and so the underlying trend that has been dominant in the last few days seems to have resumed in the first half of Tuesday’s trading. This indicates that we might not be out of the woods yet, though conditions could stabilise as the week progresses.
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