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“Risk Off”: Futures Slide, USDJPY Drops As Trump “Memo-Gate” Spooks Markets / by Tyler Durden / May 16, 2017

It’s been called the teflon market: no matter how seemingly huge the scandal thrown at Donald Trump, risk assets simply ignored it and marched onward to new all time highs.

This time, however, it may be different: with news that FBI Director James Comey wrote down in a memo that Trump asked him to end the Flynn probe – whether this is credible or not remains to be seen, and can be verified with one simple Congressional subpoena –  things are suddenly serious for Trump, and that “Impeachment” word first mentioned by Heights Securities earlier today, is being thrown around far more casually over the past hour.

Of course, whether this is an impeachable offense remains to be seen, as does the evidentiary process –  with the White House openly denying the Comey memo story, someone is lying  – however for the first time this year we have seen a clear risk off reaction across assets in response to a Trump scandal, as the potential severity of this latest one could have quite dire consequences on the administration.

Here is USDJPY, which has slide 40 pips since the news broke…


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