Geithner is scheduled to appear before the Senate Banking Committee, led by the ethically-challenged Chris Dodd, tomorrow at 17:30 GMT.

Also crossing the wires is a comment from the German finance ministry that the Obama administration is aware that it should not get into a protectionist spiral. Looks the German have more faith in the administration than many Americans.

EUR/JPY is edging higher in its range as US equities recover some early losses. The cross is near 119.50 with EUR/USD at 1.3060 and USD/JPY at 91.50.