Stocks are up better than 8% and currencies are beginning to trade as one would expect given the price action of recent weaks. EUR/JPY is firming sharply, approaching session highs at 137.75. USD/JPY is in the 101.40/50 resistance zone and EUR/USD has firmed about a cent from NY lows, absorbing US real money selling along the way.
Commodity currencies and emerging market currencies are both strengthening dramatically as well.
1.3680 is important resistance for EUR/USD with more at 1.3870, the 38.2% Fibonacci retracement of the 1.4870/1.3260 decline.
