Bernanke is getting ready to address a gathering of business economists (woohoo!) in Washington. The markets seem to be trying to send him a message as he gets ready to speak. We won’t be satisfied until we get a rate cut (if then) so we’re just gonna sell ’til we get our way. Any parent of a three-year old will recognize that behavior.
EUR/USD is under-performing EUR/JPY to the downside this afternoon. EUR/JPY and USD/JPY are holding a fair amount of their rebounds after yesterday’s bloodletting.