A potential category 3 hurricane (same as Katrina at land-fall) is bearing down on the Gulf of Mexico but oil pricers are now in retreat. A failure to sustain the $120 level combined with a firmer greenback seem to be doing the trick. The dollar is consolidating gains with stocks rallying strongly this morning as the great recession of 2008 is postponed for at least another quarter. EUR/USD trades at 1.4722 and USD/JPY ar 109.32. Have a great afternoon. we’ll check in later