… Everybody is just standing there, blinking furiously – waiting for someone not to blink …

With the panic on, they’re all getting liquidity back and any movements are largely a function of who’s got more to clear out and how fast they can do it.

There’s no bank around at the moment who wants to be seen as lacking capital reserves, the spotlight falls on them and that can be self-fulfilling…

Yesterday, the voices became louder – the markets crisis was linked more firmly to coming economic crisis – serious risk of recession etc etc. prolonged slowdown – sales down, business confidence down – they’ve been saying it for while, but the general media and public have been more caught up in the market crisis – in many cases, mistaking the one for the other.

The (maybe unpalatable) fact is that for the average forex trader, no problem, it would at least be a decrease in volatility.