The single currency has had a bad hair day. The Russian debt-renegotiations, nerves about the US stimulus package and the ECBs’ Weber stating clearly that aggressive interest rate cuts are still very much on the agenda all conspired to send the EUR/USD down 200 pips on the day. There is nothing in the way of major buying expected until the barrier protection ahead of 1.2690-00. Europe will entr the fray shortly with the pairing very close to its daily low at 1.2811.