The euro is up 30 pips on the day to 1.0580.
The climb comes as the S&P 500 pares its loss to 1.8%, or 75 points, from as low as -2.7%.
This kind of volatility is almost become usual in equity markets but FX has been more-constructive today. I increasingly wonder if the market is pricing in a slower US economy, which would narrow growth differentials to Europe? Then again, if the US really stumbles then there will be a serious recession in Europe, followed by yet-another sovereign debt fiasco.
