Central banks continue to accumulate EUR/USD at a pretty steady rate on weakness but there has been some good selling from some of the higher-profile specs (One Swiss and one, American) into strength so far this morning. It is unclear whether these are fresh shorts being taken or profit-taking into a quick bounce…
One thing seems certain today: Germany has gotten the message that foot dragging for domestic political purposes is no longer an option. Greece will get their money and get it pretty quick. The question is, will the market turn its sights elsewhere in search of another weak member of the herd, or will it be satisfied with one kill…History suggests one is not enough….
EUR/USD heads into jobless claims at 1.3260.
