US equities have turned lower again after S&P downgraded the debt of Bank of America to A from A+.
The Presidential pep talk helped boost the market a bit intraday but the fresh dose of reality from the banking sector helped undermine shares.
EUR/USD holds in the upper reaches of its afternoon range at 1.2583 despite the turn to the downside in equities. There remain a reluctance to get caught “short in the hole” near 1.2500 if the Chinese are going to actively defend their barrier options at that level.
