No one wants to be in a risky haven today. Safe havens are where it’s at.
EUR/USD has fallen below 1.3050 as mounting banking woes and general economic weakness overwhelm the markets. US shares are down more than 2% this morning, adding to losses of more than 3% yesterday.
Commodities and emerging markets have joined the generalized swoon. We’ve seen this movie before in recent months and there has yet to have been a happy ending.
Expect 1.3000 barriers to at least provice a speedbump in EUR/USD today.
