EUR/USD has come under accelerated pressure. A combination of factors seem to be at play. Ongoing selling of the EUR/GBP cross in wake of strong UK inflation data, much weaker than expected German ZEW data and cautious comments regarding Greece, Spain and Portugal from Fitch rating.

European stocks have also come under accelerated pressure, FTSE 100 and DAX 30 off close to 1%.

We’ve been as low as 1.4321, presently at 1.4330. Will be interesting to see how long till we hear of sovereign buy interest emerging, bearing in mind China was reportedly a buyer down around 1.4330 yesterday.