Despite Obama’s full-court press last night for health care reform, the Senate will not take up the bill before it breaks for its August recess. Since health care reform is seen by most as a budget-breaker (as if it could be broken any further), any delay is a dollar positive.

EUR/USD has been pulling back for the last half hour and trades at 1.4232, catching some intraday players long.

AUD USD stalled shy of its early June high of 0.8263 and is easing as well. It is down at 0.8175. Looks like the reflation trade could be a tad crowded…