Archived IMT (2008.10.15)
Risk aversion surges as stock indices drop 5% following the biggest decline in retail sales in 3 years and the worst NY Fed Manufacturing Index on record. CURRENCIES move in line with our morning piece (USDJPY drops to 100.45 from 101.70, EUR hits $1.35 down from $1.3650 and GBPUSD slumps below $1.7380, while GBPJPY breaks below 176 (see previous Intraday Thought). Prolonged losses in Wall St imply a considerable erasing of gains in Asian equities, thereby, further unwinding of carry plays in Forex.
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