Comments from the Swiss government that UBS is well positioned to ride out the credit crisis remind the Street that the US is not alone in its exposure to the credit crisis. UBS announced earlier today that they will have to take another $5 bln write down. UK banks were hammered today as well as their US counterparts.
The Fed just added $50 bln of liquidity to the banking system via overnight repos as they try and keep the market lubricated despite the financial difficulties at massive US financial services firms like Lehman and AIG.
EUR/JPY has been hit hard in the last 15 minutes or so after an earlier bounce in US shares ran out of steam.