Ah, the thrill is gone. The rally that gripped the market this morning in advance of woefully Philly Fed data (-41.2!) is being weighed down by profit-taking as US shares slip back into the red. With Europe squaring up for the day as well, the next may be behind EUR/USD for today.
Comments from German Chancellor Merkel are undermining the euro a bit. She says the eurozone is strong, she won’t speculate on how it might help an individual state if it is trouble. A the moment, the Germans seem more willing to help those outside the eurozone rather than those within.
Small stops in the 1.2670/75 region are just being filled as we write, dealers relay.
