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A lot of US banking news combined with very thin liquidity (Japan, HK, China and S, Korea are off) resulted in a volatile Asin session. EUR/USD gapped up on the open and rallied to 1.4480. Lehman Brothers announced it is filing for Chapter 11 Bankruptcy. Lehman says none of broker – dealer subsidiaries or other subsidiaries of parent will be included in Chapter 11 filing and all will continue to operate. This was found a tad positive by the market and EUR retreated from the highs now trading around 1.3380/90. As we wrote earlier a correction in EUR/USD is underway. Next area of resistance is 1.4490/505, then 1.4570 and 1.4810. Support is @ 1.4290 and 1.4230. Oil is below $100 and this could weigh on the Euro.