Initially it was easy to see why the euro would benefit from the fiscal cliff deal but in reality the deeper you dig, it’s just a reprieve. That has not stopped the relief rally in the U.S. equities through. The fact that the cliff has relentlessly dominated trading going into the year’s end now means that traders can look beyond the cliff and that brings the euro into focus today. Euro-zone manufacturing contracted in December with Germany being one of the bleaker spots after a downward revision. All the news that traders were willing to push aside because of the cliff volatility is back… The factors that are ... (full story)