The November lows at 741 have given way in the S&P, helping up the gloom and doom quotient to very high levels. The dollar has steadied since its gyrations leading up to and just after the very poor US GDP data.

It is hard to see EUR/USD making much headway beyond say the 1.27 level at the extreme against this backdrop. Don’t forget, there is also continuing talk of interest to sell EUR/USD at the month-end 16:00 GMT fixing. There was certainly significant selling interest at the 13:15 ECB fixing.