With the market concerned that China may slow more than desired, news that the B in BRIC says that GDP projections are too rosy, according to the Brazilian treasury secretary, may help undermine the risk trade.
US equities are back to flat, shedding an early 11 point gain. US yields are off their highs and EUR/USD is on consolidation mode. A break below the 1.2630 area suggests a near-term top maybe in for EUR/USD. We trade well north of that area now, at 1.2668.
