A very defensive fx mindset heading to NY trading this morning.
Overnight extremes thus far have seen EUR/USD -311 from the IMM close Friday night GBP/USD -464 EUR/JPY -301 and USD/JPY -40at their respective lows and USD/CHF +199 pips at its highs.
A hint of more chaos to come from Wachovia (WB) as it is -4.91 in premarket trading a 55% loss. Hang on to your hats. It will be another bumpy ride today.
