You guys have to take it easy on our poor server…you’re killing it…
EUR/USD has been choppy in the wake of the US data. It rallied briefly in the wake of the better-than-expected consumer confidence data but then quickly slumped to trigger stops below the 1.4940 level.
Dealers are trying to figure out what to make of the news that WestLB has secured a deal to receive aid. On the one hand, it is good news, averting a crisis. On the other, traders fear it is the tip of the proverbial iceberg and there are more European banking problems just below the surface.
Wall Street is easing with risk aversion coming back to the fore. Oil is back on a $75 handle. Stocks are 0.6% lower in early trade.
