When the London exchanges opened, Forex players begin to buy USD against Euro area currency (GBP, Euro and ChF). Why? Because Greece is perceived as having already fallen into the grease, taking the Euro area from the frying pan into the fire. The world's stock markets were down, hitting swing lows, crude was down, gold up slightly ($4), US bonds up as much (30yr) or more (10yr) than they lost yesterday and the USD up varying degrees of 'sharply.' The Loonie & the Ozzie were least affected of the five currencies I trade (the others being Euros, ChF and Cable).
Euros stopped right on top of their long-term moving average; GBP closed below its long term MA but ChF remains well above its presumptive breaking point. If today's negativism towards the Euro-zone financial situation remains in the market, Euros can be expect to drop to 1.35 or lower.
Absent some good news, the DJIA seems headed down, at least to 11,400. Similarly, without a pick-up in demand, crude seems headed to the $83-$85 range. If the damn fools in D.C. cease to allow Wall Street banks hedger status, another $25 - $20 will come out of that price. Even oil company economists are now saying that the supply & demand 'value' of crude is $65-$70, and the difference between that an $100 is ALL hedge funds & Wall Street banks.