The bandwagon left the station early in Europe and did not stop until EUR/USD was threatening yet another barrier level at 1.4250. We’re in consolidation mode now as there is only so much the market can rally on the news that CIT has avoided bankruptcy.
The economic calendar is very light, with only leading economic indicators on the docket. They are expected to rise 0.5% for June. (Ask yourself, how can they be leading economic indicators if they are a month in arrears?)
135.00 barriers in EUR/JPY are rumored on the books as well and could provide speedbumps for the suddenly upbeat market. Keep an eye on equities, as always. The futures are up 0.6%.
1.4210 is support on pullbacks. More is eyed at 1.4180.