Interbank dealers are still trying to get the number of the bus that just ran them over. From the low 1.3340s, EUR/USD just dropped through 1.3300. Technically, we should dip back to the 1.3210 level given the double top we pointed out earlier in the session. 1.3320 should cap rebounds near-term.
We’ve not heard any fundamental reason for the move yet but we’d expect rumors of stress tests results to make the rounds the next few days until they are officially released on Thursday.
