Safe-haven plays are the name of the game again and the USD was the big winner as investors found reasons to sell virtually every other currency, including the JPY. Some analysts see the EUR falling as far as 1.10 now. The latest ZEW survey will be released in early Europe and will add to volatility.

EUR/USD triggered massive stops when it broke below 1.2700-20, with the session range being 1.2632/1.2808 so far. USD/JPY triggered stops above 92.55 after the Nakagawa resignation but it was already well bid before then. The range there was 91.65-92.75. The AUD was well supported, particularly on the crosses, before the RBA minutes release but has since fallen steadily. Decent sized corporate bids are noted at .6430-35. The range has been .6437-.6532. Other ranges; EUR/JPY 116.28-117.47, Cable 1.4189-1.4301 and USD/CHF 1.1592-1.1744.