Global forex market
MARKET sentiments were weaker with the market-wide deleveraging effort and we have seen another significant step towards risk aversion as we are just another 46 days away from US fiscal cliff. Bearish global equity markets and stand-off between Republican House Speaker John Boehner and President Barack Obama offered an additional push while unfavourable chatter on top fundamental themes helped spread the fear which translated into a bullish breakout for the US dollar that cleared the confluence of the 100 and 200-day moving averages.