EUR/USD has dipped to the 1.2870 area after a short-covering spike to within a few pips of 1.2900.We’ve not heard directly that the Asian player who defended 1.2700 this morning is selling on rallies but it is their modus operandi.
USD/JPY ran into very heavy offers from the 89.90/00 area, dealers report; another cross is seen at 90.10/20.
The S&P has pulled back to breakeven while the Dow is down 0.6%. Macy’s just laid off 7,000 employees; just another in the growing list of mass layoffs.
