If you were looking at the US market, you may wonder what on earth had caused such a move downwards? Actually, if you have notice, commodities had dropped, equities mostly were in the red zone for most regional stock markets, and treasury are still up as many were dashing into safe investment like T-bonds and bills. Gold still made record high, but the advancement had stall as reports mentioned of profit taking by some to cover their losses incurred in equities.
FX market is very obvious, all currencies pair against safe haven currencies were down. There is almost no logic in some of the movement like CHF/YEN when both are considered safe currencies. CHF is still making record high against YEN and EURO after Swiss National Bank intervention. Japan Finance Ministry made the same moved like their counter part, flooding the market with YEN, just left with Bank of Japan to support the market. However, both country's movement seems to be meeting with heavy resistance, as most players are rushing into the safe currencies as deem to be 'bomb shelter in a timing of heavy bombardment'.
Most likely both central bank will still intervene for one more time again, and this time if it still not working at all, god knows what is the correct move.
If you think that these 'bomb shelter' may last, perhaps its time to think twice. Ultimately, no bunker may withstand any destruction, unless sentiment changes. That maybe our biggest protection.