There has been another rout in emerging market currencies overnight led by a 22% fall in the Kazakhstan Tenge after the country announced it would allow its currency to float freely in response to recent declines in the currencies of its major trading partners, Russia and China. Currencies in neighbouring and nearby countries have also come under pressure on this news including Ukraine, Russia, Turkey and others. Emerging market instability continues to impact trading on developed markets as well. Major stock markets in Asia Pacific, Europe and North America are all trading lower overnight and into this morning as fears of economic instability arrive at the start of what has historically been the weakest time of the year for stocks. A flurry of mid-morning economic announcements out of the US could spark some trading activity but they may not be enough to turn the tide. Commodity markets, meanwhile are mixed today. Crude oil remains under pressure in the aftermath of yesterday’s surprise increase in US inventories. Copper, corn and wheat, however, have bounced back, perhaps taking advantage or USD weakness. USD has continued to drop back today as traders took a dovish spin out of yesterday’s FOMC minutes. European currencies have made the most of this weakness and a boost from the news that Greece received its first round of new bailout money today and make a key payment to the ECB on time. EUR, NOK and SEK have been leading the charge, while AUD, CAD and GBP have been lagging behind. Sterling’s relative softness may be due to consolidation of gains made earlier in the week. The top dogs of the day, meanwhile, have been gold and silver again as the yellow metal continues to benefit from its role as a store of value in times of turbulence, particularly with signs growing that a paper money war may be breaking out with devaluations potentially sparking a race to the bottom among some emerging market currencies that could eventually impact majors as well. Corporate News NetApp $0.29 vs street $0.23, guides next Q EPS to $0.55-40.60 above street $0.46 Economic News Significant announcements released overnight include: US jobless claims 277K vs street 270K Germany producer prices (1.3%) as expected Sweden unemployment rate 6.5% vs street 6.9% Norway Q2 GDP (0.1%) as expected Norway mainland Q2 GDP 0.2% as expected UK retail sales 4.2% vs street 4.4% US retail ex auto and fuel 4.3% as expected NZ ANZ consumer confidence 109.8 vs previous 113.9 Upcoming significant announcements include: 10:00 am EDT US existing home sales street 5.43M 10:00 am EDT US Philadelphia Fed street 6.8 10:00 am EDT US leading index street 0.2% 10:30 am EDT US natural gas street 59 BCF CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.