Written by FastBrokers House
With the situation at the Fukushima Dai-Ichi nuclear plant having taken a further turn for the worse, so general risk-aversion has picked up. European stocks have followed their Asian counterparts trading sharply lower.
EUR/USD down at 1.3880 from early 1.3930, having been as low as 1.3852 after stops tripped through 1.3890. The release of weaker than expected ZEW data (see above) didn’t help matters.
USD/JPY down at 81.35 from early 81.55. It has to be said that given all that’s been going on it’s been admirably steady.
Buy orders, including Japanese importer interest (especially oil companies,) noted down at 80.80/81.20. Sell orders clustered 82.05/25 and more up at 82.45/50. Buy stops gathering in 82.50/60 area.
USD/CHF down at .9210 from early .9235, EUR/CHF down at 1.2790 from around 1.2870. Swiss benefiting for it’s well-documented safe haven status as risk aversion picks up. Real money was seen aggressively buying Swissy on the crosses this morning.
AUD/USD down at .9885 from early .9970 against the backdrop of raised risked aversion. Model funds very notable sellers right from the get go.
Cable has given up about a cent. Down at 1.6005 from early 1.6115, having been as low as 1.5980.
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