With the World Health Organization getting one step closer to declaring the Swine Flu a global pandemic and with new cases popping up across the globe, risk aversion continued to reign in the markets as investors bought Dollars and Yen for safety. USD/JPY opened at what would be the session high of 96.78 and from there it dropped like a stone to break a one month low to just under 96.00 to 95.97.
EUR/JPY broke a level not seen in over a month as it dropped from 126.14 to rest under the 125.00 level at 124.65. Down under, the Aussie and Kiwi dollars were both sold as trade jitters due to the outbreak rippled through the markets. AUD/USD fell a full big figure during the session, from 0.7100 to 0.7000 and NZD/USD slid from 0.5655ish to 0.5527 in the course of the day. The EUR/USD was not only soft due to the risk aversion but the recent comments out of the ECB where they are talking rates lower, has not bode well for the European currency. EUR/USD drifted a bit lower today from a 1.3038 open to lows near 1.2984 before closing out near 1.3010. Gold had an interesting move today as a mix of thinned liquidity and stop loss selling caused the metal to collapse from $905.00 levels to levels near $890.00 in a mere minute or two. The $15 drop seemed to have legs however as the precious metal struggled to get back to $900.00 levels for the rest of the session. Levels entering London were close to $898.00 per ounce. With more and more flu cases popping up over the globe, expect risk aversion to remain the key mover for these markets...
Upcoming Economic Data Releases (London Session):
| 4/28/2009 | 6:45 | FR | Consumer Confidence Indicator | APR | -43 | -43 |
| 4/28/2009 | 6:50 | FR | Business Survey Overall Demand | APR | -49 | - - |
| 4/28/2009 | 9:40 | UK | Bank of England's Haldane to Make Speech | 28-Apr |
