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Opening Comment 05.25

Opening Comment 05.25

2010-05-25 04:49:00
Joel Kruger, Technical Strategist
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We have been hearing talk of real money accounts in the process of diversifying out from Euros, and it is simply amazing to hear talk of diversification from a currency that is not the USD; quite a departure from several months ago. Asian equities have been hit hard with the Nikkei having opened up at its lowest level in over 5 months. The triple digit sell-off on Wall Street has not helped matters and currencies across the board are back under pressure against the safe haven USD flows. 
 
To make matters worse, North and South Korea tensions have escalated over the past few hours, with Kim Jong Il calling his troops to be “battle ready.” Equities and currencies have not been the only markets hit, with oil also suffering at the hands of the elevated risk aversion and dropping to trade below $70. Japan’s FinMin Kan has been out saying that Europe faces deep rooted issues and he hopes that the turmoil will ease and the markets will calm, while Japan’s strategy minister has taken things a step further and said that the risks from the European problems to the global and Japanese economies are “extremely big.” 
 
Looking ahead, the Swiss UBS consumption indicator is due at 6:00GMT, followed by the more closely watched batch of UK data at 8:30GMT, highlighted by GDP (0.3% expected), BBA loans (37k expected), and index of services (0.2% expected). Eurozone industrial new orders (2.5% expected) cap things off for European trade at 9:00GMT.  US futures are tracking much lower and point to an open of triple digit losses. On the commodity front, gold continues to retain a bid tone on its safe haven appeal. 
 
 
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 

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