That’s an old market adage, so perhaps we’re seeing signs of the euro putting in a top for this cycle…Lots of intraday volatility, that’s for sure.

There is no US data today making Bernanke’s semi-annual testimony on the hill the highlight of the day. Traders will look for signs that the Fed is considering more extraordinary measures to boost the economy.

The knee-jerk reaction to more measures would be a dollar slide and a risk-on reflation trade. Commodities and commodity currencies and carry trades would be the beneficiaries.