by: Kathy Lien posted on: October 06, 2008 | about stocks: It has been an extremely volatile day in the currency markets with big figures (100 pip) moves in USD/JPY happening in a blink of an eye. The more than 4 percent decline in USD/JPY is the largest single day percentage drop in close to 10 years. The degree of the moves that we have seen Monday in many currency pairs is normally something we would see in a quarter or even in some cases, a year. For example, the AUD/USD plunged as much as 9 percent today while NZD/JPY dropped more than 10 percent. Given that the dollar has collapsed against the Yen but soared against the Australian dollar, Euro and British pound indicates that the story today is deleveraging and liquidation. With the Dow accelerating its decline on the break of 10,000, the only thing that can stop the...
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