There's a particular pattern whenever the Chinese Fear-Dragon starts scorching risk trades. The trade inevitably get started in Asia-Pacific trading with some tidbit of negative and everyone begins to worry about what they don't know about the opaque Chinese economy. It begins to gather pace and early European trading grabs the same theme. Existing Premium trades
include USDCHF, NZDUSD, EURJPY, NZDJPY, CADJPY and NZDCAD.
As the hours pass, there is almost always nothing new to the story and it begins to fade around the time US traders begin to roll in. That's a group that's notoriously domestically focused and Fed-talk dominated the New York session as China-sensitive trades like AUD and oil rebounded.
It's a familiar narrative and one to keep in mind the next time Chinese fears begin to percolate.