USD is Last Night’s Big Performer

With no major fundamental releases last night, risk aversion drove the USD higher against most of the other majors with the EUR/USD achieving a low of 1.4640. The biggest loser overnight was the Yen with the USD/YEN now sitting at 92.21.

European concerns, that early stimulus removal could force the region’s unemployment higher, also weighed on the EURO.

Meanwhile, the UK Rightmove house index climbed to 0.6% enhancing the view that housing demand should continue to improve during the next few months. However, the GBP/USD still continued its decline to its present value of 1.6180.

Should risk aversion persist during the day, then the EUR/USD could test its key support levels at 1.4600 and 1.4530.