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Risk aversion was the order du jour in financial markets during the New York session. The yen crosses saw their biggest drop since the so-called flash crash two weeks ago today. The EUR/JPY currency pair dropped nearly 300 pips in just one hour to an 8-1/2 year low, then staged a 200-pip recovery before the London close
Rumors contributed to plenty of volatility in the currency market on hump day’s New York session. A pair of sequential trades on two yen crosses — EUR/JPY and AUD/JPY — yielded some 360 pips for those traders who played a switch-hitter role.
Good economic news from Europe was hard to come by today. Negative core CPI in Spain (first time ever), pressure on European bank stocks, rumors of French President Sarkozy having threatened to pull his country out of the euro, and reports of strikes by Spanish labor unions, all weighed on the euro. The EUR/USD currency pair reached an 18-month low during today’s New York session.
