EUR/USD is seeing accelerated gains, presently up at 1.2795 having started off the European day down around 1.2730. The move comes despite declines in European stocks (DAX 30 down 2%) and despite ongoing speculation of an early ECB rate cut. Rather there is talk of good Eastern European demand linked to speculation of an early ruble devaluation. The Russian authorities have been at pains to rule out any official devaluation, but then they would wouldn’t they? Also helping the euro is an ongoing rally in the EUR/GBP cross, presently up at .8190 from a European opening down around .8145. There is talk in the market that decent buy stops are gathering up around .8210.