FOREX largely escapes the volatility that has gripped the stock markets, with a sudden reversal of polarity on Wall Street that takes the systematic trend followers in reverse.

The Dollar, which is often seen as a safe haven in periods of nervousness on Wall Street, does not benefit from it this Thursday: it stagnates against the Euro (+0.08% to 1.1840) and if it seems bullish against the Pound (+0.65% to 1.360) it is because the British currency is falling against all currencies, by -0.6% against the euro as well.

The VIX, which soars +15% towards 33, makes it possible to take the full measure of the change of atmosphere on Wall Street while the day before, the 'fear & greed index' of the Nasdaq displayed stratospheric levels.

Some fed members are beginning to wonder how to rebalance capital flows – literally siphoned off by Wall Street – to 'mainstreet'.

It is also surprising that the $ did not tremble at 2:30 p.m. with the publication of a severe deterioration in the US trade balance with a deficit that widened from $ 10.1 billion (nearly 19%) to -63.6 against -53.5 billion in June (revised figure of -50.7 billion, thwarting a consensus of -$58 billion) and which is the worst score observed since March 2007.