Obama addresses a joint session of Congress on Tuesday night as he lays out his budget. In effect, this will be his first State of the Union address. He is expected to but a little meat on the bones of the bank bailout plan at that time. It is interesting that Obama, rather than Giethner, will be making the case. Read into that what you may.
EUR/USD is consolidating gains at 1.2834 while USD/JPY has recovered to 93.30 after a plunge to 92.55 triuggered massive numbers of stop-loss sell orders. There will be many fewer longs on the way back up after a cruel shake-out.
