Pity US traders who missed most of the fun having been on holiday for a long holiday weekend as Asian and European markets got the jump on the falling oil prices and rising dollar. Those who jumped on the train late are suffering modestly as is so often the case. Oil prices are off their lows and stocks off their highs while the dollar’s fortunes are slightly mixed. The euro has regained some of its lost ground, up about 75 pips from the lows while the Yen is weaker as risk aversion eases outside Japan and political jitters are rejuvinated by the resignation of Prime Minister Fukuda. EUR/USD trades at 1.4520 while USD/JPY is at 108.85.