US equities are well off their earlier lows, now doubt boosted by poor ISM service sector data. Poor data, better odds of QE.
Given how Europe has traded today, I can’t believe the market is still thinking that way….
Spanish yields are off their highs as well but still up a lumpy 40 bp on the day.
On a bright note, the Vampire Squid (Goldman Sachs) has raised its NFP prediction to 125,000 from 75,000 earlier.
1.2405/10 should act as resistance on rebounds. We’re now at 1.2380.