Here we go again. The reflation trade is working as a monolith as each of its components move higher in lockstep. The S&P is up nearly half a percent while oil is back in the black after shedding about $2 from earlier highs.
EUR/USD is back to 1.3600, USD/JPY is over 96.25 and AUD is about 20 pips below session highs. Reserve adjustment is helping support EUR/USD as central banks buy back reserves sold during the financial crisis as markets recover.