Equities are bouncing in early trade while commodities give back some of their fear-driven bid. This is filtering through to the dollar which has caught a bid in the last hour. From 1.4500 we’ve fallen back to the through the 1.4400 level. Until credit loosens-up liquidity will be a major concern and price dislocation a distinct possibility. Sit back, relax and enjoy the show, but trade at your peril.