EUR/USD is holding up better than one might expect given the dreadful economic backdrop and surge in risk aversion. Some of the demand can be blamed on interest to buy EUR/GBP and EUR/CHF today. EUR/CHF has been in demand since the SNB sliced another 100 bp from their rate target to 1.0% this morning.
US equities remain in retreat, breaking to fresh trend lows in all the major indexes. 2002 bear market lows are now in focus around 750 in the S&P and around 7200 in the DJIA, if memory serves.
EUR/USD trades at 1.2525 after a rally toward 1.2585 fizzled.
