Thin summer liquidity may have contributed to today's rout in the markets. China and global growth worries, commodity (especially oil) price falls and incoming Fed tightening are being cited as the main reasons for the current risk-off sentiment.
Daily range in USD/JPY was almost 600 pips or 4.5% (largest since 1998), but that seems little in comparison with EUR/NZD (1550 pips) and GBP/NZD (1600 pips). Euro, Swissie and Cable all benefited and are up 100 - 200 pips on the day.
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