A Euro For Your Thoughts May Soon Cost Two

This market has been looking for excuses in a week dominated by liquidity premium and a lack of economic fundamental depth to date. One does not need to look to far in this disjointed US trading week for some concrete excuses; negativity is being exposed on a few fronts this morning. A couple of high profile Portuguese Government defections since the weekend have been allowed to lean on the 17-member single currency. As too are the market concerns that Greece may not have the ability to meet the terms of its international bailout. Greece is a constant reminder to many of the recent negative Euro flashbacks that are bad. Already investors have been on edge with concerns about China and the Fed tapering. Throw Europe again into the mix and the bad flashbacks become more than a nagging headache – a migraine!

Market liquidity remains a premium and becomes more of an issue as we head deeper into this NFP week. US July 4th celebrations tomorrow will also be capable of causing...