EUR/JPY and EUR/USD are both on the rebound in the wake of poor durable goods orders from the US. Orders fell 6.2% and a whopping 4.4% stripping out the volatile transportation component. Jobless claims dipped a bit. From 1.2915 lows after the data, EUR/USD trades mow near 1.2980. EUR/JPY is at 123.65 from 122.57.
Therisk aversion trade seems to be losing its grip with the dollar undergoing some profit-taking after a huge macro-driven move over the last four months. Perhaps the deleveraging process has finally run its course. If so, that would be great news for investors around the world.
