US markets dropped, suffering their largest losses seen in 3 months. The selloff was triggered by crude oil prices as they fell through $50/barrel. Concerns also mounted as the Euro declined on political developments in Greece and monetary stimulus expectations.
Asian markets were mostly lower across the region. Losses were seen as the Yen strengthened as a safe haven asset due to fears over Europe and falling oil prices.
European markets are mixed today.
Oil lost 5% and fell through its psychological level at $50/barrel. The commodity is now trading at its lowest price since April 2009 around $48.75.barrel. The price is under pressure due to rising supplies and falling demand, concerns regarding Greek debt and the climbing Dollar. The API will be releasing inventory data at 9:30pm GMT.
Gold benefited as a safe haven asset and climbed past $1,200/ ounce. Traders are focusing on Greece with worries another debt crisis could occur. Traders should keep in mind that the FOMC Meeting Minutes will be released tomorrow and the NFP report will come on Friday.
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