ANZ Commodity Price Index: Softer dairy prices drag down index

post: EU MEMBER STATES ARE LIKELY TO SUPPORT THE IMPOSITION OF PROPOSED TARIFFS ON CHINESE ELECTRIC VEHICLES IN NOVEMBER- FT

chart The pair has just hit the lows for the day at 143.55, threatening an over 2% drop today alone already. This comes as traders are sticking with the flight to safety as markets have gone into full blown panic mode. It's a bloodbath in the equities space with the Nikkei down over 7% currently, with S&P 500 futures down 1.6% and Nasdaq futures down 2.9% on the day. In the bond market, 10-year yields in the US are at their lowest since July last year - now seen at 3.76%. For some context, it's down over 50 bps in just a little under two weeks. And that's a contributing factor driving the downside in USD/JPY. In times like this, it's all about the emotion in markets. The selling will stop when it stops. There's no point in trying to be a hero and pick a bottom. As the saying goes, never catch a falling knife. From a technical perspective though, there is little stopping USD/JPY from a further decline towards its end-December low of 140.25. That and the 140.00 mark will be key levels to watch on the charts as traders continue to digest broader market sentiment to start the new week. post: JAPAN'S NIKKEI FALLS BELOW 33,000 FOR FIRST TIME SINCE JAN 4Japan's Nikkei down 8%, wipes out the gains for the year The Nikkei 225 futures have now been suspended amid triggering the circuit breaker. Talk about carnage. In just three days, the Nikkei itself has erased its gains for the entire year-to-date. It was less than four weeks ago that the index hit a record high above 42,000. Pain. The selling has been quite relentless not just here but in US futures as well. Tech shares are the ones bearing the brunt of the declines once more. S&P 500 futures are down 1.6% and Nasdaq futures down 3.0% currently. Meanwhile, Dow futures are down 0.8% on the day.