Stocks are at their highs of the day, up 3.7% headed into the final 20 minutes of trade. EUR/USD is firming slightly in its consolidation range after finding support at 1.3420 again on dips. We’re now at 1.3440.
With the Fed and a bunch of other central banks lowering the cost of emergency borrowing today, the drop in China’s reserve requirement and the strong US ADP/ISM/Home sales data, it has been a risk rally from hell.
Traders remain reluctant to get too swept up in the rally having been disappointed time and time again, however.
1.3530 and 1.3575/85 are resistance on rallies in the near-term. 1.3420 and 1.3370 are support on pullbacks.
