Today's Major Market Move: Icelandic Krona Weakens 2.4% Against the Dollar in January

As the title states, the Icelandic Krona has weakened 2.4% versus the US Dollar this January. This fact in and of itself isn't all that remarkable and there are eight other currencies that have performed worse this month:

Click here to go to the live table. 

What is noteworthy however is the fact that the USDISK cross has broken out well past its 2011 highs and continues to surge higher:

Click here to go to the live chart.

Lets take a look at our "Fringe" European currency chart that we like to use from time to time. It shows the currency crosses for many of the countries that lie just outside of the Eurozone, some of which have been showing significant weakness over the past six months.

Click here to go to the live chart.

Over the past three months the relative position of the currencies haven't changed but as a group they continue to weaken. The IMF has already had to provide support (or is in the process thereof) to three of the countries: Iceland, Ukraine and Hungary. The currencies of Turkey and Poland are showing signs of trouble and if those countries were also to require help, the IMF's resources are really going to be spread thin, especially considering that they are most likely going to have to save firepower for Spain and Italy.