After plunging at the market open on the multi-billion dollar losses reported by UBS and Fannie Mae – sending the Japanese yen higher across the majors – the Dow eventually finished the day in the black and above the 13,000 mark.
As a result, the low-yielder ended the day almost completely unchanged versus the greenback, euro, and British pound but down against the booming comm dollars. There are no major Japanese economic reports this week, but traders should beware that risk aversion could reemerge market-wide once again.