Any time markets are volatile, traders look to perceived “leaders” to tell them everything is going to be alright (see the popularity of CNBC’s recent “Markets in Turmoil” specials), and today’s missionary du jour took on that mantle willingly.
The number of Americans filing for unemployment benefits rose to a six-month high last week, suggesting some loss of momentum in the labor market amid a sharp economic slowdown and major stock market selloff.
Whether we like it or not, it appears as though crude oil is driving almost everything at the moment. It has been correlating positively with the equity markets, which makes sense because of oil’s obvious impact on the energy stocks. In forex, the likes of the CAD, NOK and RUB have all suffered big falls, which also make sense because of the fact Canada, Norway and Russia are among the oil exporting countries.