None of the carry crosses are that strong, but if you look at the Yen and it's correlation to the market, you can see a carry cross (I haven't changed my set up this late in the day to figure out which one, is driving the market, but the Yen downside that drives the market is starting to fail.
For instance.
This is today 1 min with the Yen in red and the SPY in green, yen weakness=market strength, usually through a carry pair, but you can see the obvious correlation, later I'll invert it so you can see how close, so Yen moving up= market weakness.
This is the Yen intraday single currency future, it went 3C negative before the open and allowed the market to fill the gaps and then some, now it's going 3C positive, which takes away the engine that's been driving the market intraday.
VXX still looks good and is standing on its own feet so that position is staying where it is.
Is interest rates about to start going up?
-
Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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