Risk Higher In The Face Of Gloom
FOREX.com | Nov 28, 2011 08:15AM ET
The Italian news wasn’t the only driver of risk today as Friday’s “Black Friday” shopping in the US was up over 6.6% over last year to produce over $11 Billion in retail sales shooting S&P futures and regional bourses higher on the day. The good sales numbers were a nice distraction from recent gloom and doom, but that same gloom and doom snuck back in later in the session when the IMF bailout story was shot down by the Dow Jones newswire. This story dropped the bottom out of risk, as the EUR/USD fell about 45 pips, EUR/JPY fell over 20 pips, and the AUD/USD saw a slide from 0.9888 highs to 0.9820 in a matter of minutes. Adding insult to injury, Moody’s followed the news with comments that “the probability of multiple defaults out of the Euro Zone was no longer negligible”. Strangely, and despite all of this, risk has regrouped and continued to push higher heading into the London session.
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