Funds have been huge buyers of EUR/JPY in the last half hour and reports of big institutional buying of S&P futures are coming across CNBC. Near-term, 123.20 and 123.85 are the next levels to watch in the cross.
EUR/USD broke above 1.2650 resistance and ramped as high as 1.2712 before stalling for breath. Stocks are up 250 points on the day after bouncing just short of trend lows in the Dow and after making a marginal new low in the S&P 500.
