There is no news behind the latest drops. Foreign exchange held up through the early selling in stocks but the worries are finally overwhelming the market. Powerful rush into yen in the past 10 minutes as USD/JPY tumbles to 97.09. EUR/USD now also on the radar as it hits a session low at 1.3048. Strong demand is reported at 1.3040/35 with stops below. More bids at 1.3020 and 1.0300 but all the action is coming through the yen crosses at the moment. Bonds are still unimpressed by everything going on but it’s fair to say the combination of the gold selloff and soft Chinese GDP has sunk the market today. (full story)