Sentiments Hit By Emerging Market Storms, JPY and CHF Advanced Broadly Yen and Swiss Franc were the clear winners last week as financial markets in developed countries were hit by the storm in emerging markets. There were talks ranging from political problems in Turkey, Argentina and Ukraine, slowdown in China and other BRICS, worries over the impact of Fed's tapering. Emerging market currencies tumbled broadly and to a name few, including Turkish Lira, Argentinian Peso, Mexican Peso, South African Rand etc. DOW ended the week down -579.45 pts, or -3.5% to close at 15,897.11, below the 16,000 handle. S&P 500 also lost 1800 handle to close at 1790.29. Safe haven flows, on the other hand, push bonds higher and sent yields sharply lower. 10 year yield lost -0.09% to 2.735% while 30 year yield lost 0.106% to close at 3.651%. Technical developments in stocks and yields were quite bearish. Meanwhile, the dollar index was rejected below recent resistance at 81.48 and dropped sharply to as low as 80.15 before closing at 80.46, close to the mid point of near term range. Full Report Here... | 
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