The Wall Street Journal reports that Hose Speaker Pelosi is proposing a two-stage stimulus plan. The first would be a quick package of $60-100 bln, followed by a package of permanent tax cuts.
Stocks are down 5% with the market perhaps a bit weary of multi-billion dollar spending plans.
EUR/USD, USD/JPY and EUR/JPY are all near session lows. A break of 1.2700 in EUR/USD looks like it could yield a quick 50 pips to the downside but with volatility so high, it may not be worth the risk playing for such minor stakes. hourly uptrend support lies at 1.2635.
