Crude oil took a further beating overnight and that, along with comments downplaying Chinese demands for a currency debate at the G8 helping the greenback recoup some lost ground. 1.4050 helped hold the line in EUR/USD after Moody’s joined S&P in downgrading Ireland from AAA.
12:30 GMT will be busy with payrolls, claims and the ECB press conference. Trichet will be asked to reflect on latest massive cash infusion into the European banking system and his plans going forward. You can watch the webcast here.
EUR/USD trades at 1.4068. Offers are eyed at 1.4110 near-term.
Crude is back at $68.05 after slipping as low as $67.68 earlier.
