US stocks are rebounding late in the session, with the S&P down only about a half-percent now after being down nearly 1.5% at its worst levels.
Commodity currencies are the big beneficiaries late in the day with both CAD and AUD rebounding. Global growth fears have been spawned by the Japanese earth quake but it looks as though the market is begging to look past that idea. AUD has moved back above 1.01 late in the day while USD/CAD slips into the 0.9720s.
USD/JPY is narrowly range-bound in the 81.70 area after trading most of the day between 81.60 and 81.90, a relative pittance considering the level of uncertainty surrounding Japan in the wake of the tragedy last Friday and the ongoing nuclear drama.