Yen remains well bid amid commodities slide

Monday morning started with sell-offs in commodities that puts equity markets in uncomfortable position to start off the week.

Moreover, some investors and traders are concerned that rate hike from US Federal Reserve, in spite of being anticipated might lead to risk aversion. Any major unwinding in US Dollar position might lead to turmoil, due to heavy one sided positions.

S&P500 in US recovered from the red, whereas UK's FTSE100 still down partially due to commodity related stocks. France's CAC40 is also in red.

Japan is closed today, but that helped little to downbeat start today. Copper is still down 1%, though recovered from initial drop. Copper price is on the verge of collapsing below $2/pound, for first time since 2008/09 financial crisis. Silver is down half a percent, while Gold is down -0.75%. Oil recovered from red only after Saudi Arabia possible cooperation with OPEC and non-OPEC producers.

Yen without any guidance from risk aversion or further strengthening of Dollar, likely to consolidate around current price of 123, currently trading at 122.9.