Some flow or option-related trading is likely behind the initial quick drop in the euro, as it came precisely at 1300 GMT (10 am ET). The second wave, however, is headline driven as Asmussen (a noted hawk) hits Reuters with some dovish headlines. -ECB forward guidance goes beyond 12 months -Unanimity on all ECB decisions last Thursday, including rate decision -Our aim is to clearly anchor expectations for markets for foreseeable future -Says he would not rule out a new LTRO -If needed we have a range of standard and non-standard measures we can deploy EUR/USD now testing medium-sized bids in the 1.2815/00 range. ... (full story)