Obama alluded that it would be a while before a bank bailout plan would be ready in his Today Show interview this morning. CNBC now confirms with the Treasury that the plan will be forthcoming early next week. It sounds as though there will be a variety of structures employed, a bad bank, ring-fencing assets on bank balance sheets, insuring assets, etc.
EUR/USD and EUR/JPY trade with a firmer tone as midday approaches. The better-than-expected ISM data sparked a round of short-covering in the risk aversion trades.
1.2850,1.2875 and 1.2900 are resistance levels in the near-term in EUR/USD. 90.00 is holding the topside in USD/JPY and 116.66 is the 10-day average in EUR/JPY, WHICH should contain any EUR/JPY rebound.