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Stocks in melt down and dollar roaring on Tuesday

GBPUSD News by Allie Longford on 15:39 Octuber 11, 2016 EST


... and, of course, the weak man award in the group of main currencies goes to the pound that got dumped all day long and ends trading at 1.21 against the dollar.

Stocks had their worst day in more than a month as the earnings season kicks in. Alcoa reported today and dissapointed. What followed will surprise you...well, it may not. Markets sold off and some big supports have been pierced in the main indices. Samsung has problems with some of its devices catching fire or blowing up and that didn't help its share price and the market as a whole.

Commodities barely made it through the day and they should have performed well on a "risk off" day like today. Best was oil, barely keeping its gains from the previous days.

Volatility has arrived on what could have been a quiet day with no major event in the calendar. Such is life.




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