There is always something to worry about in this world and today it is emerging markets, particularly those in Latin America. Traders are concerned Argentina could default on is debt and other markets are falling because of slumping global demand for their exports (as well as on some contagion-effect). US share markets are down about 3.5%, and EUR/JPY has come back under pressure after a bounce late in London. We are now back on the 126-handle, only about 50 pips from session lows at 126.30.