EUR/USD nears the January highs

The early explanation for euro gains in US trading was the volatility in swings in the risk trade. That's settled (a bit) for the moment and the S&P 500 is 10 points higher.

Yet the euro continues to truck higher and it just hit a fresh session high of 1.0968. That's now in the mix of a trio of January highs that touched 1.0970, 1.0976 and 1.0985. Beyond that is psychological barrier at 1.1000 but it could give way easily of those levels break.

Earlier Greg had a more detailed look at EUR/USD.