Exchange Rates To Influence Markets (UBS)

Art Cashin, director of floor operations at UBS Financial Services (NYSE: UBS), said that the market seems to be less anxious about the European debt crisis. In an interview with CNBC, he said, “By the end of the day [Monday] after all the action, it was like commuting by rollercoaster: you got off about where you started, you had a lot of spins, dives and moves but you didn’t get anywhere.”

Cashin also stressed that exchange rates are becoming an important factor. He said, “That’s what happened yesterday when the dollar was firmest and euro was weakest. And as we moved into noon, we had an almost free-fall selloff and then we would go up with the dollar, coming back to where it started.”