EUR/USD demand peaked just after the 15:00 fixing and it has been inching lower pretty much ever since. We reached 1.3097 very briefly at 15:15 GMT and have been slowly slipping, reaching 1.3067 in the last few minutes.
Stocks are holding up surprisingly well despite nothing new on the economy from Obama despite hopes earlier in the day that he would signal a willingness to extend the Bush tax cuts for all temporarily.
The S&P is up just under 1% and the CRB is above 280, near seven-month highs..
