Not much of a bounce as yet but we did not blast through the key 1041 support level in the S&P. A short-covering rally in the index would further support EUR/JPY which has managed to crawl from the wreckage all on its own, trading up to 108.00 from earlier lows at 107.30. The components traded well above earlier lows with EUR/USD at 1.2395 from 1.2150 and USD/JPY at 88.55 from 88.29.
Commodity currencies are under pressure still, however, with AUD USD at 0.8515. Stops are seen below 0.8500 and are building, traders report.