Risk aversion is rising, as global growth fears (ex U.S.) escalate and oil prices fall to fresh 5 year lows. Reflecting this concern, the FT has run, for the second day in a row, with a front page article on the strength in the USD and the building risks for emerging markets. However, entering the NA session; the USD had weakened as several currencies trade up after reaching extended levels. Today there are no Fed speakers (as we have entered the black out period into the December 17th Fed meeting); and data releases are light, with just Jolts job openings and wholesale inventories.
Read the full report: FX Daily