Risk Aversion Returned 2009-11-01 10:35pm -08:00T
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2009-11-01 10:35pm -08:00T
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U.S. Dollar Trading (USD) was very strong as risk aversion came back into the market as concerns about CIT bankruptcy and weak personal spending -0.5% in September sent US stock markets down over 2.5%. Also of note to traders was the largest jump in the VIX index this year, up over 20% on the day. In US Stocks, DJIA +199 points closing at 9712, S&P -29 points closing at 1036 and NASDAQ -52 points closing at 2045. Looking ahead, October ISM Manufacturing is forecast at 53 vs. 52.6 previously.
European Euro
The Euro (EUR) after opening above 1.4800 in Asia the rebound stalled and profit taking turned in heavy Euro selling as US stocks fell heavily. October EU Inflation was -0.1% y/y as forecast. EU Unemployment Rate was 9.7% as forecast in September. Overall the EUR/USD traded with a low of 1.4712 and a high of 1.4858 before closing at 1.4713. Looking ahead, October PMI Manufacturing is forecast 50.7 vs. 49.3 previously.
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