A flash of optimism from European and Greek leaders sparked a flash comeback in markets Tuesday. The US dollar gave up much of its gains but remained the top performer while the pound lagged. Japanese trade balance is due later.
Watching the rebound in markets today we're reminded of the movie Titanic. A calm briefly comes over the passengers when the doomed ship briefly rights itself. The sinking euro bobbed to 1.1050 from 1.0918 in a snapback rally as sentiment turned around. A rout in stocks turned into solid gains as well.