The euro has shed six cents over the past seven sessions. There are two main forces. The primary one arguably are the developments in the euro area. After a extended flash crash that saw German 10-year yields jump (from 5 bp on April 17 to almost 80 bp in the first half of May), they have come back off (53 bp today). The ECB confirmed what many had suspected. Namely, that the ECB will expedite its bond purchases ahead of the thinner summer markets. Meanwhile, the situation in Greece is becoming more desperate. The government, of course is still spending money, but is falling deeper in arrears to its suppliers as it ... (full story)