The extreme volatility in the equity markets continued overnight, with US shares surging, in an effort to wipe out previous losses. The rollercoaster in equities continues, while bonds edge higher and currencies continue to suffer a complete wreckage. The EUR crashed below 1.0500, as inflation surges to new record highs in Germany, while the GBP collapsed to 1.2400. The US Dollar is riding high, as Bond Yields continue to rise, laying waste to currencies.
The commodity currencies have been destroyed by the rally in the reserve, with the AUD testing 0.7050, while the NZD crashed to 0.6460. NZ Business Confidence collapsed to minus 42, while US GDP turned negative, contracting 1.4%. The sanctions imposed upon Russia are devastating the commodity markets and the supply chain, which will lead to a deep recession in Europe.