Just when you thought it was safe to sell the euro the single currency springs off its deathbed and stages an impressive recovery.
A sluggish US 5-year auction seems to be spooking traders while a recovery in US equities and a modest downgrade in the Fed’s economic outlook are giving dollar sellers an excuse.
Intraday shorts are throwing in the towel with the euro pushing to fresh highs on the session at 1.2328 so far. 1.2355 is next resistance.
