Currency Updates:
U.S. Dollar Trading (US) surged against a number of currencies on Wednesday as the Federal reserve pushed ahead with plans to increase its share in long term treasuries by $400 billion, by June 2012, ensuring long term rates will remain cheap. The move failed to boost sentiment as US share markets slumped with the Dow Jones falling 284 points (-2.49%) NASDAQ down 52 points (-2.01%) and the S& P down 42 points (-2.61%) giving up earlier session gains as existing home sales rose by 7.7% in the month of August. In other news, Moody&rsquo s decision to downgrade of Citibank added further negative sentiment to equity markets.  
The Euro (EUR) initially rallied throughout the European session and early part of US trading, before spiraling from levels near 1.3800 to lows of 1.3555 as US equity markets turned aggressively south. Ongoing concern of Greece defaulting, and reports from the IMF that European banks had credit risk of up to 300 Billion euros, in light of current environment, continue to pressure the single currency.    
The Japanese Yen (JPY) eased against a broadly stronger dollar, throughout the day. The USDJPY had traded at its lowest level since August 19th of 76.12 during the Asian session. The GBPJY cross traded at an all time low in the early hours of Asian session on Wednesday    
The Sterling (GBP) fell sharply as BoE minutes indicated that an expansion of Quantitative Easing were &ldquo increasingly probable&rdquo added further weight to an already spooked market. Added to Wall Street sell off the GBPUSD pair traded at its lowest level since Jan 10th near 1.5480.
The Australian Dollar (AUD) was one of the hardest hit currencies due to its risk nature, falling from 1.0260 to levels below 1.0040. Despite the RBA Deputy Battelino re-iterating overnight that rate cuts were not in the immediate thoughts of the Central Bank, the AUD traded at fresh monthly lows.
Oil & Gold (XAU) XAU fell from levels near 1815 to lows of 1780 as the USD surged, whilst Oil also fell 1.2% to US $85.92 a barrel
