A retest of the lows in US equities will unfold at the open in New York but the dollar is a bit weaker than one would normally expect under usual circumstances. Demand for GBP has been seen this morning, helping defer a dollar rebound. The strong correlation between the dollar and stocks could be breaking down, but we’d be reluctant to abandon that idea too quickly. The no-brainer trade this morning is to sell EUR/USD on rallies toward 1.2700 with a tight stop on the assumption that a weak Wall Street will open a test of the key support at 1.2330 as the week progresses.