I may once again be very wrong but it feels as though the nervousness and volatility has gone out of the FX market at least and I think we have probably seen the range extremes for the day.
The Nikkei is still 2% lower but Gold is slightly higher on the session and the big Japanese buyer who came into the EUR/USD market around 1.3700 has calmed nerves and reduced the liklihood of a major run on the JPY crosses or of more USD short covering.
