short EURO:USD

Quote from Ivanovich:

I don't get the spike up on an eve in which the ECB could signal aggressive cutting.
More...

I think it was a mixture of bad ADP and then ISM came out worse than expected which caused nearly a 2c rally, as well as short stops being triggered on the way up, not forgetting a cut was pretty much priced in (50bp tomorrow and then 25 in Dec?), Trichet will probably be a market mover.

I can't see it's a sustainable move though, I'm looking for places to sell...
 
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