Hi. I'm not sure its' been discussed here already, but a story doing the rounds today was about a year-end liquidity squeeze due to the ECB asset quality review, which is going to be based on a snapshot of European banks' balance sheets at the end of 2013. Because of this, banks are scrambling for euros, pushing money market rates higher. The 3 month euro/dollar cross currency basis swap has turned +ve on monday for the first time since 2008. This explains, at least in part, the strength and resilience observed in the pair recently....
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Short Euro and remaining that way. That's just the way it is !