(Posted Thursday, Singapore time 0445 am)
As you already know, global equities were slaughtered by the bears last week. While the bears were in hibernation, the bulls fell for the bear trap!
· global growth concerns,
· EU debt crisis,
· Bernanke’s worry on the US economy
If you had not heard, there was an article from Bank of America on ‘China Hard Landing’ that brought US major indices to their knees this morning.
Dow, Nasdaq and S&P fell 179.79 (-1.61%) 55.25 (-2.17%) and 24.32 (-2.07%) respectively.
For the reasons above, investors poured into the US dollar, That is risk off! The USDX touched a high of 78.66 from a low of 77.84. As a result, Gold fell to a low of US$ 1,598.80, crude 80.55 Audusd 0.9778. The CBOX VIX increased almost 7% to 39....
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