There sits the U.S. dollar versus the euro, only a couple of 100ths or so from 1.10/1.00. Much has happened since yesterday afternoon and much of it can be explained by the People’s Bank of China’s 25-basis-point cut in interest rates.

Head of the European Central Bank, Mario Draghi, made dovish comments about the ECB’s position regarding quantitative easing and rates.

Gold seemed ready to stand its ground overnight but then crude oil, a bearish outside market, tumbled and helped drag gold down.