It’s hard to be convinced in this market because there are so many titles everywhere. Yen and oil are two examples of this today, and it doesn’t help that risk sentiment is positive one day and negative the next. After two poor performances on Wall Street, market participants still seem to be urging caution today. SandP 500 futures are down 19 points, or 0.5%, and we see Nasdaq futures down 1.0% and Dow futures down 0.2%. Declines are led by technicals, but European indexes should catch up on yesterday’s losses in US trade, with most major indexes down close to 1% on the day. That means the dollar is slightly stronger on the session, with EUR/USD down 0.3% to 1.0700 and GBP/USD down 0.2% just below 1.2100. AUD/USD is also above its previous high of 0.6960, currently trading at 0.6925.