As the race to the bottom gathers pace we shouln’t forget there’s a few other contenders for the wooden spoon as we see AUDUSD lower again, posting lows of 0.8717, almost 100 pips down from the Asian highs, while USDCAD is up through 1.1250 , and NZDUSD down below 0.7850 again
AUDJPY is on session lows at 93.20 and we’ve seen yen pairs lower across the board with EURJPY testing 135.00 and GBPJPY down at 170.38. USDJPY lost its mojo again after rallying to 107.30 as traders/investors see a double whammy of global doom and gloom and questions over further BOJ easing, weak yen negatives gaining pace.
I still see further losses but perhaps we see some feet-wiping at these levels if purely on the fact that we’ve dropped fairly sharply already today, and we can expect some kind of profit-taking/dip buying with the US coming in after a long week-end ( not that they will have had their screens/phones turned off, or indeed orders filled ).
It’s not a pretty picture out there right now though, no matter how empty/full your half-glass is.
