Commodity currencies finally crack as risk trades beaten up further

The FX market held in relatively well for most of the rout today in risk assets but it’s finally cracking with commodity currencies leading the way. The Australian dollar is flirting with Friday’s lows while USD/CAD is at the highest in a week.

It’s an ugly day all around as the market gets more concerned about slowing economic growth.

The S&P 500 is at the lows of the day, down 2.9% and the Nasdaq down 4.4%.

This article was written by Adam Button at www.forexlive.com.