Once again it’s been the JPY crosses showing the way with AUD/JPY and GBP/JPY falling sharply in early interbank trade. Cable is 80 pips below its NY closing level and AUD/USD has fallen to its last interim support level at .9220. USD/JPY, having already triggered the big sub-92 stops on Friday last, has posted new hourly lows at 91.85.
The Goldman story has tipped the balance heavily in the favour of the risk-off trades and until the consequences become clearer, it looks like we will remain in a risk-off environment.
Good luck today.