I highlighted the economic commentary from earnings reports earlier today and that along with better US consumer sentiment was telling.
US stock futures pointed to a 1% decline but that's been pared to 0.2%. You also have strong dip buying in names that reported like Delta and JPMorgan:
In FX, the reaction has been more subdued but the dollar is softening and AUD/USD is making some headway.
In the bigger picture, I'm watching yen crosses very closely because something is brewing at the Bank of Japan. USD/JPY is down another 160 pips today.