Oil, not the durable goods orders data is the driver

Orders miss badly, USD barely blinks

The biggest mover on the wretched durable goods orders report was EUR/USD as it broke above the earlier high of 1.0925 and continued to 1.0934 on the headlines. That didn't last as Russia's oil minister began talking about a pie-in-the-sky idea for all oil producers to cut production by 5%.

That's aided a 5% rally in crude and EUR/USD is down to 1.0908 and S&P 500 futures up 17 points as the market senses the longshot chance that some OPEC miracle will prevent a wave of defaults in energy bonds.

USD/CAD is blowing through stops as it falls to 1.3960 from 1.4100 at the start of US trading.