Credit Agricole CIB FX Strategy Research notes that after months of waiting we have reached what could be described as the final stretch of the EUR-rally before the all-important September ECB meeting. "The single currency is testing new multi-year highs and, in doing so, the Governing Council’s appetite for further tightening in the Eurozone financial conditions. Indeed, the EUR-appreciation has been accompanied by persistent weakness of the Eurozone stock markets. More recently, both core and peripheral Eurozone yields have started climbing yet again adding to the persistent tightening in the Eurozone ... (full story)