The usual pattern of stocks selling off as the President or Treasury Secretary take to the airwaves, a pattern going back 2-3 years (in other words, Obama inherited it), is playing out as Obama lays out a call for reform of the Congressional practice of inserting earmarks, or pet projects, into spending bills.
EUR/USD has trickled lower with stocks, now at 1.2760. The S&P is up just half a percent, giving up a chunk of their earlier gains. 1.2715 is support on pullbacks near-term.
