Some of the regional bourses more resembled casino’s today with Seoul’s Kospi getting to 3.1% down less than an hour ago before recovering sharply to be last seen down 1.3%. There may of course been official action but who is to tell. Meanwhile EUR/USD is back above 1.44 and AUD/USD above 1.05 – signs perhaps that they too may have turned the corner. One should not be overly surprised with the moves in Asia today – they are no fans of the bullish argument.