“Choppy” is probably a good word to describe the price action we’ve seen in EUR/USD over the past 24 hours. We’re presently down at 1.3905, Treasury Secretary Geithner’s robust defence of the dollar catching the EUR/USD bulls somewhat on the wrong foot.
There have been reports of ACB buying in the 1.3920/25 area overnight, slowing but not stopping sell-off.
Euro zone data out today:
08:00 GMT: Euro zone current account for August
09:00 GMT: Euro zone construction output for August
09:00 GMT: German ZEW survey for October, economic sentiment expected -7 from -4.3; euro zone survey -2.0 from +4.0
The ZEW data is usually good for a little volatility.