Commentary on the euro from Societe Generale Cross Asset Strategy Research

Notes that the latest positioning data show another jump to a new multi-year high in long Euro positions.

"It's hard to argue against the proposition that the market is long, and very bullish of the Euro. A pause seems reasonable after the failure to break clearly through EUR/USD 1.21.

That said, yield differentials are moving the euro's way and the US data do nothing to support the idea of a more aggressive Fed or of a range-break in Treasuries," SocGen argues.


This is via the folks at eFX