US dollar weakness takes hold
Shorting the euro was the easiest trade from Dec-March. It's been the hardest one since.
Today's euro decline has now been almost-completely erased with EUR/USD rising above 1.1050. The latest leg higher came in a flash after 1.1015 broke.
The Asian high of 1.1059 is resistance now.
The euro move led a swift decline in the US dollar right across the board. The commodity currencies have been similarly buoyant.
Tough market but it's been clear for 3-4 hours that dollar buying was exhausted for the day.
