That is according to the latest missive from AEP at the UK Telegraph. The under-subscribed German and Spanish auctions over the last two days would seem to support his argument. This is one development which could send the EUR/USD into a sharp decline. Macro players opine that a weekly close below 1.3350 would be a major milestone. Doesn’t look likely at the moment as we are currently seeing EUR/USD at session highs on end-of-week short-covering.