The Trump recession narrative has taken hold after Tuesday US trade;

As Adam said in that post, FX wasn’t where the pressure was felt, but equities took a hit (with a late-day bounce that has since dissipated).

US equity indexes are lower again:

NQ off about 1%

ES off about 0.7%

The yen is hitting 5 month highs against the USD around 146.60. its not just about Bank of Japan policy adjustment, but about flows into ‘safe haven’ like the yen.

Take care out there.