TODAY Oct 09-2012 FOREX IN REVIEWS

Major European equity indices experienced losses across the board yesterday even as the Greek's are lauded for their budget cutting efforts. Cyprus has come to the table but still hasn't agreed to the terms and conditions of a bailout while also looking to Russia for a loan. Spain is still not coming to the bailout table, saying that the ESM rescue funds are enough and the nation doesn't require a full sovereign bailout. Meanwhile, Italy is the next nation in the sights of speculators with the Italian MIB plunging -1.98%. The French CAC 40 and German DAX were also notably weaker, falling -1.46% and 1.44% respectively. EURUSD slid the most in 3-months from 1.3070 to 1.2936 before recovering some of yesterday's losses.

Asian markets are trading mixed today as enthusiasm over plans to keep Greece in the Eurozone outweighed the IMF downgrade hanging over markets. The Chinese markets are soaring today, trading at 3-week highs on rumors of an additional rail infrastructure spending package worth $386 billion. Metals stocks are outpacing gainers in the equity markets as the iron ore bear market crimps profits. The Hang Seng has strengthened 1.11% while the Australian ASX has gained 0.65%. The Nikkei is weaker following a widening of the current account surplus, with the Nikkei dropping -0.36%. The Yen is slightly weaker, with USDJPY rising 0.09% to 78.400. Most other Asian currencies are gaining against the dollar, led by the 0.44% rally in NZDUSD. AUDUSD has also bounced off of three month lows, rising 0.42%

The rally from Friday's employment numbers was faded quickly, helped along by the IMF downgrade of global growth prospects as global growth was referred to as "exceptionally fragile." The IMF did lower its global growth target from 3.5% to 3.3% for 2012, citing European and American leaders as the main challenge to stability. Growth forecasts were lowered across the board, including emerging economies Brazil, India, and China. Equity indices closed lower across the board, led by the -0.76% decline in the Nasdaq as Apple fell below $600 billion in market cap. The S&P 500 was also weaker, closing down -0.35% and outperformed by the -0.19% loss in the Dow Jones. Oil has rebounded after two-days of losses, climbing 1.03% to $90.25 per barrel as gold futures climb 0.32% to $1781.30.
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