Macro players were not just bearish on the euro for the last six months, they were bullish on the commodity currencies on the assumption that Asian growth would soldier along despite fears of a European debt implosion.
Having avoided (barely) a full-fledged European debt implosion (with the help of an alphabet soup of agencies like the IMF and ECB), the euro has lived to fight another day. Recent strength has prompted medium and long-term players to cover Euro shorts against all manner of crosses. The last to be covered appear to be the crosses versus the commodity currencies and that covering is providing a headwind for the commodity currencies in the near-term.
