Last week, global markets collectively collapsed, and the selling frenzy swept Japan, the United States, Europe and emerging markets. Goldman Sachs trader Matcham revealed the driving force behind it:

The yen surge and the arbitrage retreat: The yen strengthened against the US dollar, triggering a wave of carry trade liquidations, stop-loss orders activated, exacerbating market turmoil, risk aversion increased, the yen became a safe haven, and global markets fell in tandem.

The fantasy of a soft landing was shattered: economic growth slowed down, although inflation fell, the market was highly sensitive to negative data, high interest rates cast a shadow over employment and growth, bad economic news was a market nightmare, and soft landing expectations collapsed.

The macro risk aversion mode was restarted: the risk of recession rose, the bond market and the stock market fell together, the US Treasury yield curve steepened, gold shone, the VIX soared, the credit risk premium expanded, the yen added a safe-haven halo, and global asset prices were revalued. #vix #加密市场急跌 #JumpTrading转移资产 #美国7月非农就业增长放缓 #BTC走势分析