Barriers lie at 1.3100, dealers relay while technical support is seen in the 1.3110/15 region.
Reports of Chinese bids are beginning to surface, presumably to protect the 1.31000 exotics. 1.3127 is the low so far.
Just crossing the wires are fresh comments from Trichet. He says this year will be very bad and that recovery should take place in 2010. He indicated again that the main refi rate is not at its lowest level. Deposit rates will not be lowered further, though, he said, meaning banks will have a positive return on their excess reserves.