Risk aversion is widespread as the market is generally in a downturn and the story is no longer just about the US economy. US markets are away today for a holiday but investors in Asia and Europe were carrying concern that a fiscal reform proposed by President Bush would not be enough to stop the US economy from falling into a recession.

Meanwhile, the Euro is still under pressure on concerns that the Euro Zone economy will slow because of fallout from the credit crisis and stocks also took a dive amid growing worries about a possible US recession. The euro continues to drop against the US dollar at the start of today's session pushing the pair to the downside to record a low of 1.4455 after recording a high of 1.4599.

Similar to the euro, the pound fell against the dollar pressured by further evidence that the UK housing market is heading for a sharp downturn. As a raft of negative economic news increased expectations of a cut in rates by the BOE, the pound continues to be under pressure. As for now, the pair recorded a low of 1.9460 after recording a high of 1.9571.

Investors dumped shares as doubts and risks in the surrounding environment increased fears and hence encourage investors to switch to giving back the low yielding currency such as the yen supporting the incline we see today against the dollar. Consequently, the pair was driven to the downside to record at the hour of this report a low of 105.69 after recording a high of 106.97

US markets are closed today for a holiday so calmness is dominating the market hence a wait and see approach is driving the market till tomorrow comes. Shall we see surprises or not…you never know...