Euro regaining a little poise after yesterdays’ hit.

EUR/USD is up presently at 1.4140, with the euro regaining a little of its’ poise after the tonking it took Tuesday. There appear to be a myriad of reasons being given for the sharp sell-off. Among them, in no particular order, are continued deleveraging in a risk adverse market with the USD seen as a safe haven of choice; growing worries over the health of euro-zone banking sector; quarter end USD funding demand, hopes that a U.S. bailout is just round the corner, rebound in U.S. equities, speculation the ECB could be ready to ease policy at their meet tomorrow, technicals, particularly large EUR/GBP order etc etc. A lot of these are obviously interwoven and I’ve probably missed something out, but you get the picture. It wasn’t just one thing, rather a combination of factors which were at play. Given the speed of the euro’s decent you’ve probably got to think any further recovery, if it comes at all, is going to be fairly careful and choppy.