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AutoForexTradingPro
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Risk appetite had something of a reality check yesterday with stocks, commodities, high–beta currencies and the euro all lower. After sneaking back through 1.38, the single currency threatened 1.37 amidst a wall of selling by sovereign wealth funds. The mood towards the euro worsened after the ECB Monthly Report observed that the outlook was coloured by intensified downside risks – in other words, growth is looking much worse than it thought a few months back when it was tightening rates. Oh, what a policy blunder it was. Overnight, the news that S&P downgraded Spain by one notch to AA – briefly weighed on the single currency, but it recovered and is back near 1.38 early in London trading. High–beta currencies such as the Aussie were offered – AUD dropped below 1.0150 after almost reaching 1.0250 earlier. European equities lost around 1%, Asian equities are down similarly and the gold price fell USD 15 from its earlier high. The process of book-closing is damping volatility as risk positions gradually diminish and as a result, the VIX index, which has been very elevated over the last three months, has fallen back sharply over recent trading sessions. To some degree, respectable US Q3 corporate earnings are helping to steady frayed investors' nerves. | |||
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