EUR/USD has just broken below 1.2420 trading down to a fresh intraday low of 1.2407. The surprising aspect of this move is that little else is moving; GBP/USD, USD/JPY and AUD/USD are for the most part surprisingly steady. I am not sure how this plays out but I doubt that this is the ‘restart’ of the next move lower although stocks have given back most of their opening gains. The DAX has gone from 0.5% up to be down 0.3% last; not a good sign.