EUR/USD is again leading the advance this morning after closing in NY around 1.3620. It has rallied in early trade as dealers prefer to sit on long intraday positions given expected Sovereign buying interest and talk of massive option-related stops above 1.3700.
The AUD/USD fell in early trade from its NY close at .9670 to a low at .9635 but has bounced straight back to the same level as USD pessimism outweighs worries about the overbought nature of the AUD market.
