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Risk aversion stays the course so far on the session

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Equities being hammered across the board

S&P 500 futures are now down 1.5% and that is putting pressure on risk trades on the day, with commodity currencies bearing the brunt in the FX space.

USD/CAD is now stretching gains further to 1.2590 as the pair looks towards the April highs as well as the 200-day moving average in the region of 1.2630-50.

USD/CAD D1 08-07

Elsewhere, USD/JPY has fallen below 110.00 to 109.80 while the aussie and kiwi are down 0.8% and 1.0% respectively against the greenback.

AUD/USD is pushed to 0.7420 – its lowest levels this year – as further support is only seen closer towards 0.7400 and then 0.7379.

European indices are also suffering with the Italian FTSE MIB and Spanish IBEX both down over 2% – set for their worst daily drop since April.

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