Do not stand in front of a stamped. It started in Asia at the 1.3080 level, took a rest in Europe and went wild in Chicago. After a last high just after cash equities, it settled at 1.32148 . Apparently, the move was being fueled by the belief that a Greek debt deal would be announced Sunday evening.
This morning some of that enthusiasm has gone away. There is an Italian debt auction at 11 am and the Greek drama is not yet resolved. There is also the meeting of the European finance ministers meeting to finalize the deficit treaty and the E 500 bn for the EFSF.The consensus is to sell the EUR at 1.3230-50.
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