Stocks have moved back lower. Pressure risk pairs

Written July 8, 2009 at 11:15 AM EST by  

The G8 officials said the dollar was not discussed at the meeting and despite the better IMF data, the stock market sold and money has entered in to the treasury market.  Riots in China are also helping the flight out of the risk trade and into the US$.

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The USDJPY and Yen crosses have all reversed to new lows on the day now.  USDJPY has moved below the May low at 93.84 and is now approaching the March low of 93.54.  Look for some initial support at the level.  A break should solicit some stops on a break lower.

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