We have witnessed some choppy moves in the last couple of hours but mostly through JPY crosses. The EUR/USD has been rock steady. In the absence of any significant data today (perhaps not that it would matter in this environment) NY looks set to trade FX (read JPY crosses) off stock moves. The signs are of course not good – nobody really wants to go home long ahead of another weekend of bearish UK press articles. Stocks in Europe are now well under water with the FTSE down 1.7% whilst the Dax is down 2.0%. US stock futures continue to extend their losses….S&P 500 -1.1%, Dow -1.0%.