The economic docket was light for the low yielding Japanese yen and Swiss franc, through their aggressive advances would not have suggested a shortage of scheduled fundamentals. Instead of economic indicators, traders’ interest in these carry trade favorites came along with a broad pull back in risk appetite. Growing fears of an economic recession (or worse, stagflation) was a particularly ominous sign for the global economy. A similar sentiment was measured in equities and the increasingly speculative energy market.
