Stability in stocks more important than movement
In any rout, two things are happening. There's the selling and the volatility.
It's often the volatility that hampers related assets moreso than the selling. That's especially true of a carry-funding currency like the euro has become.
I don't think we need to see stocks rally all the way back to push the euro 2-3 cents lower, we just need some stability.
At the moment, the euro and bonds are flashing the 'all clear' signal. I highly suspect that at some point today there will be a bit of fright but getting through the first hour of US equity trading without any drama is a great signal.
