Greece downgrade - may induce nasty market correction. The Korea Won amongst other 'risk' currencies will be slaughtered

Greece and Dubai are probably the start of sovereign funds debt/bond problems going into 2010 (domino effect). So a mild correction in markets that was forming may end up being a nasty one of course depending on central bank/goverment intervention into the new year. In the meantime all supports have held from the Dow to gold in light of a broad based sell.

Regarding the comment on the Bank of Korea saying that gold is 'illusionary' (in respect to other central banks buying gold to diversify from USD). I remember when the Korean Won collapsed in July 1st 2008 (shown on graph with the US dollar gaining strength). The Won and other 'risk'; currencies namely export based currencies will suffer if a another crisis hits and the one that is brewing being the bond markets of 2010. Gold is not just a inflation hedge but a 'crisis' hedge.

The question is can the USD be a support as a risk averse currency if markets all begin to dip negative again?

USD/WON