Chart of the Day
The EUR/USD gapped down (which turned into a gap and go) when the market determined the euro rescue/bailout package wasn’t large enough. Fear once again ruled the day and the euro was sold heavily vs. the U.S. dollar.
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European authorities were dropping clues that bondholders may have to take larger losses in Greek debt for the second aid package than originally anticipated. The economic outlook for Greece is forcing bolder steps to be taken to try and calm the fiscal crisis.
The euro has reached a decade low versus the Japanese yen on indications the 17 member EU economy is slowing. Indications are that the debt crisis enveloping the region is hindering the prospects for economic recovery.
Equity & other Markets
Stocks in the U.S. saw broad selling during the past day with the DOW off -2.36% @ 10,655.30, S&P 500 off -2.85% @ 1.099.23.
Oil fell continued it’s decline with Brent Crude settling down -1.18% @ 100.51.
On The Calendar
10/04/2011 – Tuesday (EST)
4:30AM – GBP Construction PMI
9:00AM – EUR ECB President Trichet speaks
10:00AM – Fed Chairman Bernanke speaks
8:30PM – AUD Retail Sales m/m
All Day – CNY Bank Holiday