US yields have firmed from spike lows after the horrendous US housing data. The 10-year note yield fell as low as 2.47% (now at 2.53%) and the S&P is now down “only” 12 points after earlier falling 20.

EUR/USD has dipped back to 1.2685 and USD/JPY has recovered to 84.00. Some of the dollar demand could be fixing-related.