Brown Brothers Harriman - "Price action: The main characteristic of the global capital markets is one of consolidation. EUR/USD is trading at 1.3015. The two weakest currencies against the dollar, sterling and the yen, are trading firmer today. Sterling, which finished the North American session on a firm note after falling to new 3-year lows, saw follow through short-covering, which lifted it to a three day high of 1.4970. After running out of steam in Asia on Tuesday, profit-taking saw the dollar ease to test support in the JPY95.50 area in early Europe. The yen's recovery encouraged profit-taking in the Nikkei, which finished lower for the second consecutive session. Equity markets more generally were lower after profit-taking was seen on Wall Street yesterday. The MSCI Asia Pacific Index was off about 0.6%, while the Dow Jones Stoxx 600 is off 0.3% near midday in London. The Shanghai Composite fell 1%. At five sessions, it is experiencing its longest losing streak at least four months. The MSCI Emerging Market Index fall Monday and Tuesday and is falling today as well. S&P futures are pointing to a small negative open. Headlines that Netherlands has raised the terrorist level to ‘substantial’ is not helping sentiment."