Analysts at Westpac explained that markets have been leaning toward a more risk averse tone in recent days, broad JPY gains and the underperformance of financials and materials/mining a couple notable examples. Key Quotes: "Our proprietary indicators suggest this has further to run. In recent sessions our risk aversion index has reversed away from levels that typically signal markets are saturated with the “risk-on” theme. Our global data surprise index has risen to its highest levels this year too as the tone of the US, Eurozone and Chinese data has improved." "The rise in our global surprise index is not nearly as advanced and thus not as vulnerable to a big reversal. That said, successive peaks in our global surprise index have been declining over time." For more information, read our latest forex news.