Dealers report heavy buying of EUR/USD around the 1.3980 level but prices were unable to move higher. Looks like the market has gotten a chance to get itself long. Short-term traders may want to take a counter-trend short with a tight stop in the 1.4005/10 area. Look to take half back ahead of 1.3900 and let the rest run.
Just crossing the wires, GM will file for bankruptcy on Monday, as expected, but with far fewer open issues after the bondholders agreed to a deal with the government.
