Calyon: the flight from risk may be limited to fixing the profit

On Monday, the euro fell against the dollar, along with other risk currencies, against the backdrop of the deteriorating outlook for the world economy. Nevpechatlyayuschie reports on United States and news of the bankruptcy of American investment banks back from heaven to earth. Stock markets have declined, while the most affected Chinese index, which in recent times has had a profound impact on the dynamics of currency markets. In Results, the euro has reached its monthly minimums at 1.4048. Other high-yield currencies has attracted the attention of speculators, in particular, Australian and Canadian dollars, Mexican pesos, also came under pressure. But some analysts doubt that the flight from risk is more than just fixing the profit. In fact, the data on an index of business activity Empire, went better than forecasts, resulted in a slight rollback of the euro, especially in a pair with the yen and other currencies of refuge. The report showed that manufacturing industries in New York for the first year, improved their position. "This summer, the markets have been slow to move the crosses in a given direction. Therefore, it is difficult to predict which event the week will be a sufficient catalyst to break the band," - noted analysts Calyon.