Ford sales fell 44.3% in January versus where they were a year ago. Expect similar horror shows from GM and Chrysler. Traders will eye Toyota and Honda, seen as the two premier mass-market brands at the moment. If they slide as badly as the US domestic makes, that is even worse news for the US economy than lousy sales from Detroit as it will show that consumers remain very defensive.
EUR/USD has dipped back below 1.3000 with risk aversion ticking up on the very weak Ford numbers. Markets are now in consolidation mode after big moves this morning.