EUR/USD is back in the 1.3620s after finding strong buying in the 1.3540 area for a second time this morning. It looks as though dealers get nervous each time we approach the 1.3525 area with stops on order books below that level. They get short a bit to be on the safe side if the stops get triggered and then have to scramble for cover as bids hold the line in the high 1.353os and low 1.3540s.
US equities are up about a half percent in early trade and oil and gold have recouped a bit of the ground lost to profit-taking earlier in the session. A weekly close above the $50.50 in crude will be a strong sign for the commodity and for the broader reflation trade.
