Risk is getting dumped overboard as Zapatero’s attempt to calm markets fell flat.
AUD/USD has fallen below 0.9100, Cable below 1.5100, EUR/USD below 1.3040…
US equities are down 2.2%, oil is down 3.25% and copper is down 2.6%.
Oddly, USD/JPY is holding up fairly well, thanks in part to the Japanese Postal saving system rumored to be holding it up…
