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The FX event risks spreading through the markets
There's plenty of nervousness on the FX markets after the euro hit a ten week low against the dollar last week. Thursday's ECB meeting is the main focus this week amid plenty of other 'event risks', as John Hardy calls them.
John says we've really seen a sell off in risk appetite over the past few days. Breaking through the 1,700 level on the S & P 500 was a key level which could be worrisome for traders with long risk in FX positions. Yen crosses, he says, have been "very nervous" coming into this week.
John's been looking for the euro to fall for some time and he says the currency doesn't seem to be getting the same safe haven risk off bid it was getting previously. Euro Aussie crosses are also interesting to watch this week, not least because the Reserve Bank of Australia holds its key policy meeting on February 4th.
01:47 minutes
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