The euro and pound catch a bid into the London fix. US stocks hit new lows


Modest US dollar selling

The euro and pound are showing some life despite ongoing weakness in equities. EUR/USD is at the highs of New York trade at 1.2030. It’s a good sign that it can hold 1.2000, which it touched earlier today.

Cable is also staging a recovery. It’s up to 1.3884 from a low of 1.3839.

Modest US dollar selling

This looks mostly like fixing demand to me but with Treasury yields falling and tech stocks slumping particularly hard, you can’t rule out outright USD selling.
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