Stocks have turned south in afternoon trade, down a bit over 0.5% basis the S&P. The JPY and CHF are firmer though still range-bound while EUR/USD is stuck in a rut around the 1.2700 level. Look for risk aversion to the play this afternoon ahead of what is expected to be weak GDP data tomorrow. After that even risk passes, Bernanke’s speech will become the focus.
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