• ISM non-manufacturing index 53.5 vs 55.3 exp
  • Initial jobless claims 365K vs 379K exp
  • Draghi: Sees inflation risks as broadly balanced, outlook more uncertain
  • Draghi: No mention of rate cuts in press conference
  • Polls put Hollande at 53%, Sarkozy 47%
  • Rumors of Spanish bad bank announcement on Friday
  • But Spain’s de Guindos offers no hint of bad bank plan
  • WSJ: Greek politicians may call 2nd election if weak coalition develops
  • Fitch: If Greece leaves EZ, you’re all on notice
  • Fed’s Williams: Not in favor of QE at the moment
  • USD leads, NZD lags on day
  • S&P 500 falls 0.8% to 1391
  • WTI crude -$2.61 to $102.61

EUR/USD plunged below 1.31 on the jobless claims data and the start of the ECB press conference but bounced back immediately, eventually hitting 1.3180 as Draghi was less-dovish than expected.

USD/JPY was at a session high of 80.55 shortly before the ISM numbers but fell to 80.24 afterwards. There was a small recovery into the European close but late selling resumed, knocking the pair down to 80.18.

Commodity currencies sank steadily throughout US trading as risk aversion picked up in pre-NFP trading.