Money is flowing into the safest asset class, US dollar. The dollar is king once again and it looks like – it gained Wednesday night once again for the second straight session.

The gains have been against European forex. The euro is very weak but at this point in time, it is not about what to sell but what to buy and what people are buying is the US dollar.

That is because it is seen as a hedge and is high yielding compared to other safe havens. So, money is going into the US dollar and that has implications for emerging market assets, commodities etc.

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The S&P500 gave up gains, was up one percent, the Nasdaq was slightly lower, US treasury yields jumped back so the 5-year was up 10 basis points (bps) to 2.83 percent, 10-year was up 11 bps to about 2.83 percent while oil prices were steady. European gas prices went up 25 percent in the last two sessions.

Watch the accompanying video of Prashant Nair for more details.

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