Forex
EURUSD Plummets as Risk Aversion and Hurricane Shut Down US Markets
US markets are closed today due to hurricane Sandy, but the EUR/USD pair is still affected by risk aversion. Despite thin volume, the dollar continues to gain value, with local share markets in red and US futures down.
The main event for the day will be Spain's announcement on bad banks, which could impact the euro's value. The EUR/USD is currently trading below 1.2900, with a bearish momentum building according to the hourly chart.