EUR/USD reached 1.2675 on this rebound rally, overshooting the 50% retracement of the 1.3000/1.2330 decline at 1.2666 momentarily. With stocks continuing to fly, look for dealers to chip away at offers for the balance of the session.
USD/JPY is running into some fresh Japanese selling as exporters take the opportunity to sell into strength after the near-death experience they withstood last week as the greenback slid to 90.90. We trade at 97.60 down from 98.40 despite continued dollar strength.
