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Agriculture - May 11 2021 09:09:28pm
By Recep Tosun
Stocks sold off sharply on Tuesday, with the Dow Jones Industrial Average dropping more than 1% and the NASDAQ losing 2%. As this was the biggest one-day decline since February, it should have coincided with big moves in currencies. There was some action around the New York open, but by the end of the day, most of the major currency pairs stabilized and recovered prior losses. USD/JPY, for example, settled above 108.60 after trading as low as 108.34. EUR/USD settled around 1.2150 after trading down to 1.2123. The slide in stocks should have kept Yen crosses at the day’s lows and prevented any meaningful gains in the euro. However, none of these were big moves. There’s no panic in the market and no flight to safety in currencies. The rise of Treasury yields confirms the relative calmness in other markets.