Currencies Tumble as Stocks Erase Gains

What started off as a strong day for risk appetite turned into losses for currencies and equities. The Dow Jones Industrial Average and NASDAQ hit record highs at the start of New York trade but peaked shortly after, shedding their gains to end the day lower. Currencies tumbled as well but reversed before stocks as traders lost confidence in the risk on rally. With no major economic reports to trigger today’s reversal, it was a typical exhaustion move. Investors were very optimistic ahead of Friday’s non-farm payrolls report, it disappointed in a major way and instead of selling, they continued to buy on the hope … (full story)

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