Overnight...

Some of the biggest news overnight was out of China as the Yuan (CNY) had a 0.9% drop which in there terms is huge, the biggest daily loss since December of 2008 as it is said Chinese authorities are hell bent on ridding the country of capital inflows and this being a way to knock out carry traders and this coming only days after that large 14-day 100 bn yuan repo from this Tuesday.

Other than that, everything in Index futures has been lateral to slightly lower, the USD/JPY still under $102, but making some gyrations as we approach the N. American open.

 USD/JPY hitting an overnight low of 101.54, now at 101.91

And ES on a slow and steady lateral , slight downward drift, only off about a point from yesterday's 4 p.m. print.


The Euro has gained on some better than expected CPI inflation data forcing traders to reconsider what Draghi may not do.

Of course things are heating up in the Ukraine where Russia is being accused of invading and masked gunmen now hold 2 airports, this should be an interesting weekend story (profit taking?)...

See you soon