Archived IMT (2009.06.22)
ONE REASON WHY RISK AVERSION trades in FX may extend well past the US trading session is that Japans Nikkei-225 ended +40 pts at 9,826 on Monday and 30 pts in Friday, which suggests it has substantial room for losses especially given the declines in US, Europe, Brazil, India and Russia. These globalized declines in equities mean that Nikkei-futures could selloff well before the opening of the cash session, which suggests further losses in yen crosses and more gains in USD vs AUD and NZD. Therefore Nikkei may start falling below 9,800 in the futures market before the cash opens.
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