Wild ride to continue
The euro is down 8 pips on the day today at 1.1269.
But that tiny move doesn't begin to tell the story in today's trading. EUR/USD fell 80 pips on headlines saying the ECB would cut inflation forecasts tomorrow but then completely rebounded, in part due to US dollar weakness. A second swoon hit into the London close and now that has been erased.
So that's four moves of around 50 pips and that's just in the past 6 hours.
Until the smoke clears, no one is going to want to step up and fade these moves.
