Fear not, Iceland. The Belgian finance minister is visiting on Friday to see how Belgium can help steer Iceland through the financial crisis. With one of the highest debt to GDP ratios in Europe, Belgium can offer hands-on experience.
Emerging markets are under pressure once again today, commodities are weak, and equities are selling off. All the government action taken in recent days has not yet made its impact felt on the credit markets. add to that, further evidence of weak consumer demand has the market looking at a prolonged period of weakness in the US and beyond.
That said, EUR/JPY holds up fairly well, maintaining its perch above important 136.95/137.0 support. It trades now at 137.50.