Is it just me or have both the EUR and the AUD a very ‘oversold feel’ to them this morning? Risk-off Friday saw a big sell-off and whilst I’m sure there’s more to come in the coming months, the moves ostensibly triggered by Hungary’s debt situation, seem a tad overdone. If the Asian stockmarkets manage to hold up reasonably well, then I’m looking for a recovery of sorts later today (EUR/JPY back to 111 and AUD/JPY back to 77). If markets start falling heavily in Asia then of course it’s all bets off.