Worries over the ability of Athens to fund its budget deficit dominated the currency markets
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February 1st, 2010
Negative risk sentiment is still clearly the driving theme in the FX markets. Last week, already skittish investors were hit with the “trifecta” of problems. Rising CDS spreads on sovereign debt, worries that China would take a less accommodative stance in monetary policy and political risk in the US (take your pick: Bernanke’s confirmation, banking regulations and/or Obama’s whopper Budget)….
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The US ISM Manufacturing came out at an impressively strong 58.4 in January against forecasts for 55.5; strengthening the USD, and sending USDJPY gapping above the 90.55 pivot level to touch highs of 90.94 so far. This is a few pips above the Friday highs, and coincides with the downtrend vibration line running from the 21 Jan and 29 Jan lower highs. The encouraging data has also sent equity… | ||||||||||||||||||||
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