The SPX 500 sits about 8 points lower than Friday’s close on the S&P 500 (as of 8:20am). Over the weekend Francois Hollande has won the election of French President over Nicolas Sarkozy. The announcement has lead to a selloff and the EUR/USD sits at 1.3030.
As uncertainty and fear rises in Europe we will see if the USD will continue to rally. Be sure to watch the EUR/USD, we could see additional declines accelerate if it can hold below the 1.30 area. However, if Euro fears are exaggerated the EUR/USD could remain locked in its consolidation.
