Oil prices had turned lower ahead of the inventory data and they are modestly off their lows but still negative. Stocks are being sold off heavily, led down by Caterpillar, the quintessential US exporter. It looks as though the stronger dollar is beginning to take a toll on share prices.
1.4365 support withstood its first test. More support lies at 1.4310.
EUR/JPY continues to be sold heavily as the risk aversion play comes back to the fore. The cross is down about 70 pips in the last hour alone.
