Talk of Risk Aversion

There was some talk in support of the USD at the G8 meeting this weekend in Italy. This morning, some players are talking about a drive toward Risk Aversion to start the week. The USD has already gained some momentum this morning as reports of a rise in the sale of US Treasuries for the month of April, over the same numbers in March. Russia’s Finance Minister Alexei Kudrin said that Russia still has faith in the USD as the world's reserve currency. He also went on that is was too early to talk about replacing the USD as the reserve currency. This statement coming, after sometime last week, a colleague of his had suggested otherwise.

Risk Aversion may also see a buying spree on the JPY later in the day also.