The upbeat European data this morning (PMI, industry orders) spurred a nice rebound in EUR/USD but there has been solid selling into strength thus far today. The SNB remains a name mentioned with some frequency as they offload some of their horde of Euros bought some months ago to weaken the franc (whoops!) .
EUR/USD has gotten no additional boost from a strong rally in US equities and on a big rally in oil. It say some profit-taking upon dipping back below the 1.2850.
EUR/USD may go up today, but it will not be an easy climb…
