US equities are trading well above overnight lows, down about 2.3% in the aggregate. Commodities are bouncing back as well. Oil was at just above $73 a half-hour ago and is about a buck higher at $74.25 at writing.
Not surprisingly, EUR/USD is back up to 1.4895 as a result to the slightly lower level of anxiety. 1.4930 and 1.4950/55 are resistance areas near-term in EUR/USD.
USD/JPY is at session highs of 86.90 as panic recedes.A warning from Japan’s strategy minister that the government and BOJ would work together on the JPY is helping support the buck as well. Stops lie above the 87.11 level, the key support from late 2008/early 2009 broken yesterday.
