What can’t go down must go up[ and up we go within the sessions range.

Talk of very heavy offers in the 1.2810/30 area made the rounds all morning and the price action certainly suggests the talk is accurate. Expect more 1.2765/1.2815 through the balance of the US and Asian sessions until the big swingers on London come in tomorrow morning.

Lower odds that France will be downgraded by anyone other than S&P (Fitch said no downgrade likely this year) and a resumed correlation between stocks and currencies are helping undermine the dollar today and prompt out-performance from the commodity currencies.

EUR/USD sits mid-range, now at 1.2790.