The EUR/USD at the background of massive sales of dollars New Zealand and Australia against the yen and Swiss franc.

[RTFX-Trading]

Unlike many news, this is not the euro who is going down, but New Zealand dollars, Australian dollars and pound sterling.

This is in fact the "Carry trades", the uncertainty of growing crisis pushed the market to sell the currencies that have a more attractive return against the currencies that offer low interest rates.

As shown in the two charts below, the currency pair that has the highest volatility this week is the NZD / JPY, the New Zealand dollar against the yen, falling nearly 8% this week! The Australian dollar was also battered, as the pound sterling. The winners of the week are now the yen and Swiss franc. The euro remains stable, pending the announcement of likely rate cut on Thursday.