Hard to imagine we’re characterizing 1.41 as strength given we were at 1.60 two months ago but such is the state of play: dealers relay that they see US corporate treasurers selling into today’s EUR/USD bounce in the 1.4125 region. This suggests there are still unhedged positions out there among US exporters who grew complacent as the dollar fell for year on end. They’ve been shocked out of their torpor now!