The AUD reversed sharply overnight after the ridiculous rally post-GDP numbers yesterday. AUD/CHF and AUD/JPY were also hit extremely hard as risk aversion returned with a vengeance. Wall Street fell sharply and we may see similar falls here in Asia, with the Australian market certainly vulnerable.
EUR and GBP also suffered, but to a lesser extent. Heavy real money selling in the EUR/USD around 1.4450 finally took its toll and it reversed sharply and cable is 150 pips below yesterday’s highs. USD/CHF made new record lows, as did EUR/CHF, and that is one trend that seems to be gaining in strength.
Good luck today.
