All the fun, such as it was, was had early in the day as prices fell to 1.3826 before a bounce. The rebound was fierce, the 1.3902 in about 20-minutes time before drifting back to 1.3840 after the London fix and another wave of reflation-trade liquidation. We change hands at 1.3872 in listless afternoon trade.
Commodities remain soft but equities are clawing back a bit of their losses, down now around 2.3% after being down 2.8% earlier. Having been caught once toward 1.3825, dealers have been content to trade ranges for much of the afternoon.
AUD and CAD remain heavily offered, below 0.79 and above 1.15 respectively.
