EUR/USD and EUR/JPY, having been knocked lower overnight in the wake of the US Senate rejecting the automaker bailout as risk aversion returned, have seen some recovery this morning. EUR/USD is presently up at 1.3340 from an early 1.3260, while EUR/JPY is up at 120.00 from an early 119.00. More ECB rhetoric (this time from Yves Mersch) suggesting the ECB won’t be in any great hurry to cut rates further and the release of the Japanese stimulus package (improving risk sentiment a little) have helped support the euro. Sources report that a Swiss Bank was a decent buyer of EUR/USD this morning, apparently buying some 1.5 billion euros, while soveriegn names came in to stymie the rally just shy of 1.3400 (1.3387 morning high.).