EUR/USD has raced back to 1.3925 as players cover shorts ahead of the NY session and on concerns that sovereign names have provided a base below 1.3900. EUR/USD still remains down 0.8% on the day but has been outpaced by losses of 1.0% in EUR/JPY. EUR/JPY tripped stops below 112.80 trading down to 112.66 but is back struggling in the 112.80s. EUR/GBP and EUR/CHF are also significantly lower on the day highlighting unwinding of long Euro positioning across the board.