Fitch downgrades both GM and Chrysler

Both GM and Chrysler are in imminent danger of default, Fitch ratings says, despite the government bailout.

Some argue that credit default swaps should pay out after the bailout as well.

EUR/JPY is well-offered along with EUR/USD though it is unclear that risk-aversion is playing its until-recent role in dictating price action in the cross. EUR/JOY trades at 124.05 while EUR/USD is at 1.3845, very near session lows.