The latest Baltic Dry index, a measure of cost to ship dry bulk around the world, just hit a all time low. Too many ships, too little global demand.

bdi

Most analysts see this as a china recession effect.

which also matches up with the crash in all commodities.

weak global trade, weak growth in Europe, Japan, USA, recession in EM/China has dried up global liquidity.

add on top of this toxic brew is Fed vs. ECB causing more Euro weakness.

so currently, like I suspect for over a year now, is the anaomaly that shows up in FX forward market.

http://www.businessinsider.com/central-banks-causing-unintended-consequences-2015-12

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