Currency Craziness, Car Carnage, Le Pen Jitters: Welcome To Tuesday, Dammit

Hitting the ground running on Tuesday it was an interesting overnight session. For one thing, cable decided to abruptly nosedive 48 pips in 4 minutes, testing its pivotal 55-DMA support. "GBP/USD tumbled as much as 0.5% to 1.2421 as stops were hit below 1.2450," a Europe-based trader told Bloomberg, adding that flows were thin overall despite a decent-sized clip having gone through in EUR/GBP, triggering stops above 0.8560. Meanwhile, the aussie also took a dive after the RBA left rates o