US equities are extending their recovery, up 3% as we head for the close. Steadier emerging markets, firmer commodities and a slide in the dollar are all reinforcing one another, the reverse of the scenario that played out as recently as Monday.
USD/JPY chewed through heavy offers in the 97.90/00 area, reaching 98.01 so far while EUR/JPY reached 126.77. Next resistance is 127.35, the high posted early in Asia overnight.
