After having been down over 200 points, the Dow Jones Industrial Average staged a remarkable recovery.
In reaction to the move, the Japanese Yen crosses have also rebounded, but other than AUD/JPY, NZD/JPY and CAD/JPY, all of the Yen crosses remain in negative territory. Although it may be tempting to buy into the carry trade recovery, we continue to warn against doing so. The financial markets are very volatile and traders are still risk averse. This should keep a lid on any meaningful recovery.
