The dollar advanced against the pound and the euro, rising to session highs by afternoon trading amid further losses in the US equity bourses. The Dow Jones, Nasdaq and S&P 500 were all lower by more than 1.2% as questions over the prospects for a global economic recovery continue to linger. Crude oil extended its losses and remaining mired beneath the $70 per barrel level, tumbling to $62.38 per barrel.
Safe haven flows continued to dictate direction in the foreign exchange market with the Australian dollar, euro and sterling tracking equities lower. Risk aversion will be the key driver of forex flows over the coming weeks as traders digest incoming economic reports to gauge the prospects for an economic rebound.
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A WEEKLY CONTESTS
Lehman Brothers, Merrill Lynch and AIG Crisis. It is advisable not to trade now.
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