Soft ISM non-manufacturing report, not-so-dovish ECB the drivers
The S&P 500 is down 10 points after opening slightly here. European stocks have also come under a fresh wave of pressure with the German DAX down 3.1%, and about 0.5% above the ECB spike low.
Yellen's comments, as you might expect, were similar to the ones she delivered in Washington yesterday so that's no a factor.
The euro high was 1.0892 but then it retraced back to around 1.08 for a period). The euro caught another bid and is chopping at 1.0840 range.
Losers that aren't getting a lot of attention at the moment are the commodity currencies. The lack of ECB action is poor signal for commodities and global growth.
