International Forex Inforamtion

Yen and, to a lesser extent, dollar rise sharply today riding another round of risk aversion trades in the markets. Asia stocks followed yesterday's decline in US and fell broadly today while European stocks are also generally lower. Indeed MSCI world index dropped for fifth consecutive days and reaches the lower level since mid May. The case for reversals in global equities continue to build up as DOW finally closed below head and shoulder top neckline support yesterday and opens up the case for deep fall to 7389/7673 region at least. Crude oil is also moving away from mentioned double top neckline support and dipped to as low as 62.03 so far today.