Comments from the International Swap Dealers association that the US would have three days or more before it would be declared in default seems to have lifted a tiny bit of gloom hanging over the market. Stocks and commodities are bouncing while US yields continue to ease.
EUR/USD is up to 1.4502, targeting Fibo resistance and overnight highs either side of 1.4520.
On the wires, House Minority Whip Hoyer says a short-term debt extension would “roil” markets, a notion Obama has been trying to peddle, without success.