Risk aversion is the name of the game with GBP, AUD and EUR being the major losers. The USD has gained against all of the majors except the JPY, but even USD/JPY is back close to this mornings opening levels, having regained 130 of the 160 pips it lost early in the session. Last year’s risk aversion play of selling the JPY crosses is back in vogue and it will now be interesting to see whether Europe goes on with these moves or tries to retrace.
Don’t know about you but I’m exhausted.
