EUR/USD is taking it from all sides this morning. The ugly equity backdrop is helping the risk aversion trade while the continued unwinding of positions by hedge funds, reserve adjustment by central banks and steady, unrelenting repatriation out of overseas markets by US investors all support the greenback. These are macro trends and have been in place since July, but they show no signs of abating.
Overnight lows at 1.3345/50 are in sight as we dip back below 1.3400.
