GBP/USD has stabilized after S&P warned that optimistic budget assumptions and the rapid growth of UK debt put the AAA rating at risk.
Cable dipped to 1.4995 and now trades at 1.5015.
EUR/USD is adrift within a 1.2560/90 range and looks quite comfortable there…
Looks like the market is suffering from a severe case of Summer Monday Syndrome (SMS). Unfortunately there is only one known cure: Tuesday.