Daily Forex Snapshot - ACM

The Usd was moderately stronger in the Asian session, as equity markets took a tumble, prompting concerns that the crisis has not turned a corner. The EurUsd slipped from 1.3690 to 1.3536, while the UsdJpy fell from 102.19 to 101.13. Wall Street started the session higher and feeding the markets optimism, before dropping into negative territory, as weak US data was released (S&P closed -0.53%) and initial bailout package euphoria wears off. US corporate earnings downgrades weighed on the S&P500 and, which saw Eur, Aud and Nzd under renewed pressure and the Jpy and Usd bid. The VIX index remains stubbornly above 50, which suggests that despite extensive government and central bank attempt to grease the money and credit markets investors remain anxious.



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