The slightly weaker US economic data, as well as worries about the stability of the US financial industry, prompted selling in risk correlated trades last week. In the FX market, high beta currencies were the biggest losers as falling equity and commodity prices renewed risk-aversion & spawned correction fears. Friday U.S. stocks tumbled the most since July after declines in personal spending and consumer confidence and the threat of a CIT bankruptcy raised concern over the durability of the economic recovery.
11/2/09
Forex District: EU: CIT Bankruptcy Shakes Risk Appetite…Briefly
For the complete report from the Forex District click on this link
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