As consumer sentiment becomes very bearish day by day, I can't help but notice the crisis we are heading to. Just knowing that all developed countries are suffering from the US slowdown makes my throat dry. The fear is getting intense as the global growth is hitting a wall. The global economic slowdown has to come to an end, the market is already trading in a madly manner. Investors are dumping assets exposed to risk, dragging commodity prices with them and all what officials seem to promise is a woeful start.

In morning European trading, the dollar does against the euro on speculation that the ECB may shift its policy stand and halt further rate hikes. Yet the euro looks like it had a change of heart as it rebound against the US dollar pushing pair to record a high of 1.4530 and a low of 1.4364.

The pound dropped at the start of today's secession against the dollar as a rout in equity market prompted investors to sell high yielding currency and so perform unwinding of carry trades where they buy back low yielding currency such as the yen. However, Sterling bounced back pushing the GBP/USD pair is at this hour to record a high of 1.9545 and a low of 1.9502.

As for the yen, the currency started its morning session inclining against the dollar; however not long before that the yen declined to gradually end up fluctuating with narrow ranges pushing the pair to fetch at this hour a high of 106.62 and a low of 105.63.

The script is not the scenario that investors are looking for. The story is getting boring and the plot needs to be changed. Fears that the US is heading for or already is in a recession is killing the ending and sad faces is what will be accomplished as the curtain falls.