The USD closed the NY session on a notably weak note especially after weaker earnings reports from several firms and an especially weak report suggesting that consumers continue to be affected by the credit crunch. S&P 500 futures were down about 12 points in electronic trading. Interestingly, JPY and CHF crosses have not sold off with the increase in risk aversion. EUR/JPY is just under 170 after an unsuccessful test in London/NY. The narrow pull back suggests another
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