Looking at price action starting Monday, we saw price swings across asset classes, however, there is evidence of a divergence in the influence from volatility in G10 currencies
The red line shows E-mini S&P 500 equity futures, the rest of the series are high-beta FX, EUR, and CHF vs the dollar. The historic data is normalized to bring a comparative perspective in asset performance
Looking at recent swings in risk, we note the euro and franc taking the hit to the downside, while the likes of AUD and SEK do not fall as much (watch Wednesday). When risk recovered during the Thursday session, high-beta FX followed to gain lost ground, this is not seen in the EUR
We remind you that the euro turned out to be the second most sensible G10 currency to volatility. Having a negative beta to volatility would usually see the dynamic work both ways
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