US shares are firm but have not built on gains made overnight. They rallied about 4% at their best levels, so far. The majors are maintaining their ranges, supported by the brighter equity backdrop but as we’ve seen repeatedly, equity gains can be fleeting. The first hour is not the important one; it’s the final hour that counts.
EUR/USD trades at 1.2450. USD/JPY at 95.75 and EUR/JPY 102.25, the closest to its range top at 120.50.