The euro is up against the dollar to levels last seen since the ECB meeting
That is also helping to give cable a lift on the day as sterling pares all losses against the dollar. EUR/USD has now moved past the 21-day moving average @ 1.1674 and looks to take out the 50.0 retracement level @ 1.1680.
Buyers held off an earlier attempt to move below the 200-hour MA (blue line) and the defense there has been crucial to keep the bullish run in the euro going.
The high today touches 1.1683, with offers at 1.1700 in sight now. There isn't much of a catalyst to go on really although we're seeing USD/JPY inch higher to 10.60 levels as S&P 500 futures step away from the lows but the overriding risk-off theme is still very much at play.
European equities are still near the lows for the day, but if US stocks manage to salvage the situation - even partially - the dollar and the yen has the most to lose later on.
