EUR bounces back as sellers lack momentum
The EUR has managed to bounce back across the board, with Sovereign dip-buyers and lack of news causing the bears to run out of momentum. With many US markets closed on Monday due to the hurricane, I’d expect trade to gradually drift to a halt, barring major announcements of course.
The EUR recovery on Friday night was mainly caused by reports that Spain would finally ask for a bail-out this week, but with no confirmatory reports over the weekend, the bears had been trying to build up some steam. The uncertain start to the trading week caused by the weather in the US has put these bearish plans on hold.