The euro is back to where it started European trading, at 1.3617.

The main thrust lower came on the ECB sources story from MNI but as I explained, it wasn’t nearly as dovish as the headlines indicated. It downplayed the chance of QE and now the euro is beginning to reflect that in a move back higher.

The other factor to begin considering is that the quarter ends on Monday and that could spark some inexplicable flows. It’s about the time when those flows would ramp up.