Summers: US currency, securities a source of strength

Larry Summers, Obama’s top economic adviser says that the US currency and securities are seen as a source of strength and that they need to keep it that way. he spoke about the need to pull deficits back into line once the need for short-term stimulus runs its course.

EUR/USD has stabilized around 1.3150 after dipping into the 1.3120s late in Europe. Chinese bids are protecting 1.3100 barriers on dips, as they have on two occasions earlier this week.