US Dollar vs Japanese Yen (USDJPY)

[jacobfx]

Wall Street slumps following US downgrade

US stocks fell sharply on Monday, in the first session after S&P downgraded the US long-term debt late Friday, as investors continue to seek for refuge, leaving riskier assets. Despite a brief bounce, US stock indexes hit session lows after S&P downgraded the debt of Fannie Mae and Freddie Mac, the 2 troubled mortgage finance agencies.

The Dow Jones industrial average fell 282 points or 2.47% to 11,162. The Standard & Poor's 500 Index lost 36 points or 3.06% to 1,162. The Nasdaq Composite Index dropped 81 points or 3.20% to 2,451. The Nasdaq was more than 4% down at one stage while the Dow was over 3% in red.

In the FX market, the Greenback is mixed in its classic risk aversion pattern, weakening against the Franc and the Yen but strengthening against most other currencies. Crude oil fell to a fresh 8-month low at $82.52 while gold soared to a fresh record high around $1,715 an ounce.

Source: http://www.fxcc.com