For once, I think Geithner and Company are doing the right thing, if they in fact delay the semi-annual currency report. They can use the report as a bit of leverage in negotiations with China in the run up to the G20 meeting in Seoul where a potential currency deal could be hatched.
In the near-term, the status quo prevails. Bulls can be bullish, bears can be bearish.
The market is clearly laboring with a somewhat stale long position and will likely see selling on rallies into the close. Look for offers to be thick in the 1.4060/80 area.
