A mere $12 bln below expectations.
Lower debt is a two edged sword, good for the consumer’s personal balance sheet but a sign of flagging confidence and retail activity.
The dollar is strengthening on the move, on a risk-off reaction.
Bids are seen at 1.2750/60, dealers noted earlier today. Small stops are seen below 1.2750. Good buying is eyed at 1.2695/00.
