EUR/USD had been on the slide since late Europe/very early US
And continuing to slip a little
I saw some interesting remarks from Société Générale (Kit Juckes) earlier (these from the European morning time):
The mood is firmly 'risk-off, oil down'. ... Is the euro becoming more yen-like in its reaction to risk sentiment or is this just noise as it flits around its range?
One thing that is noticeable about Europe at the moment, is the way peripheral bond markets are behaving in the generally risk-off environment, as spreads to Bunds largely ignore the deterioration in risk sentiment elsewhere. ... The result of a small turn in relative bond yields and this continued spread tightening is a test of the top of the current EUR/USD range (1.1480-1.1880). I wrote yesterday that I struggle to imagine a decisive move higher until we've cleared out some of the speculative longs highlighted by the CFTC data
Bolding mine ... nice one!
