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Euro Jumps Higher
There is one main story today and it is the euro's surge. The euro began the week consolidating it recent gains a heavier bias, but the record of last month's ECB meeting surprised the market with its seeming willingness to change the forward guidance early this year in a more hawkish direction. This spurred a 0.7% gain in the euro back above $1.20. The euro stayed bid in Asia, but took another leg up (~0.75%) in response to reports that a preliminary deal was struck between the CDU/CSU and the SPD in Germany to begin negotiations on another grand coalition. The euro has been bid through last September's high near ... (full story)