The rebound is far from dramatic, but we are edging up in to the close. The S&P fell about 1.9% early in the day but has recovered a bit and is down 1.25% with 15 minutes to go.

EUR/USD is likely to edge higher as shares recover. Today’s bout of risk aversion is playing out like so many before: a sharp slump in risk assets in the morning followed by a slow, steady recovery in New York afternoon trade.

Resistance comes in at 1.4975 for EUR/USD, from a trendline drawn off the 1.5048 high from Veterans Day.