The news has been very downbeat today with layoffs, profit-misses and lousy retail sales dominating the headlines but somehow equities are managing to claw back their losses. Hopes for radical restructuring among the Big Three is helping lift the gloom a bit.
EUR/JPY has bounced sharply, boosted by short-covering from below the 117.00 level. It trades now at 117.70 while EUR/USD is at 1.2690 from 1.2600 lows after the ECB. Offers are scattered from 1.2720 up to 1.2770, dealers report.
