Day after day, Asia remains a market nightmare. Currencies continue to slide as global recession fears and banking woes spread through the region. Metals are under intense pressure Tuesday morning, helping drive AUD and CAD toward fresh lows. AUD holds up a bit better owing to fear of RBA intervention. USD/CAD has overcome 1.30 in the Asian timezone, a rare major move outside of its own timezone. Shows how bad things are out there at the moment. EUR/USD tested trend lows in the 1.2330 level before rebounding modestly.
Japanese shares are down 3%, the USD/JPY trades at 92.75 after trading above 94.00 fairly late in New York. Just imagine how offered USD/JPY would be without the signficant threat of intervention by the BOJ.
