It took a lot of waiting with tense moments in European trade but markets finally went for major risk aversion across the board as US equity indices opened sharply lower following the trends in Asia and Europe. At this point note that with new two week lows being seen in EURUSD, GBPUSD, AUDUSD and their Yen crosses we are opening the possibility for retesting the recent lows in the daily’s from October though we are going to need sustained weakness in the equities through out the week if we are to see such levels. Basing on the latest talk out of the markets such would certainly be highly probable as companies report poor performance, forgoes issuing guidance if not shutdown whole units outright in an effort to save on costs and stay alive.