http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/http://www.fxstreet.com/fundamental/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-10.htmlOn Thursday, the Greek debt talks and the ECB meeting were the drivers for EUR/USD trading. Greece politicians reached a deal on a second rescue package while the ECB as expected left its policy unchanged. However, the euro failed to profit as the Greek political agreement was not rubber-stamped by Eurogroup Finance Ministers. Yesterday, the EUR/USD cross rate moved up an down roughly between 1.3235 and 1.3325. Greece was still the dominant force behind the price action. The stop-andgo (orFri, 10 Feb 2012 08:50:19 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-10.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-09.htmlOn Wednesday, EUR/USD price moves had been contained to a very narrow sideways range. Traders held a wait-and-see mode looking for the outcome of the Greek debt talks. Yesterday, the EUR/USD trading developed in a narrow sideways trading range near the recent highs for most of the European and US trading session. The rumour mill on the Greek austerity/debt negotiations continued. However, there were few indications that a final step to a conclusion was in the making So, EUR/USD held roughlyThu, 09 Feb 2012 08:39:36 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-09.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-08.htmlOn Tuesday, markets were again ‘desperately’ looking for white smoke from Greece. At first, markets were still in a wait-and-see mode as uncertainty on an agreement weighed with trading mostly driven by technical considerations. This was also the case for EUR/USD trading. However late in the session, a euro short-squeeze trigger a break of the 1.3234 previous high. Yesterday, EUR/USD initially hovered up and down roughly between 1.3090 and 1.3190. During the morning session, there was veryWed, 08 Feb 2012 08:35:55 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-08.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-07.htmlOn Monday, uncertainty on the outcome of the Greek debt negations provided the perfect excuse for profit taking on the recent risk rally. EUR/USD moved lower in step, but the 1.3026 support held. The global picture hasn’t changed as a late session rebound reversed most of the earlier losses. The EUR/USD cross rate drifted lower in Asia yesterday morning and was changing hands in the 1.3075 area at the open of the European markets. The impact of the strong US payrolls report on (global)Tue, 07 Feb 2012 08:19:20 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-07.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-06.htmlOn Friday, sentiment on the European markets remained constructive. However, the US payrolls report was the key factor for trading on almost all markets. The report was much stronger than expected. This time the dollar rather than the euro profited from the good news from the US. The EUR/USD cross rate traded in the mid 1.31 area at open of the European markets. The euro was again well bid during the morning session in Europe. The EU services PMI was confirmed above the 50 level, raising hopeMon, 06 Feb 2012 08:39:49 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-06.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-03.htmlOn Thursday, the rollercoaster ride of the EUR/USD cross rate continued. The news flow was again thin and provided a mixed input for the EUR/USD price action. Sentiment on Europe remained reasonably constructive (cf Spanish bond auction) but the euro didn’t succeed any additional gains. No spectacular news to report on EUR/USD trading on Thursday. The pair traded in the high 1.31 area in Asia and at the open of the European markets. European equities took a pause after the recent rally andFri, 03 Feb 2012 08:52:40 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-03.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-02.htmlOn Wednesday, EUR/USD continued the volatile intraday trading pattern of the previous days. Once again, there was hardly any concrete news to guide the price action. ‘Risk on’ sentiment pushed EUR/USD back to the 1.32 resistance, but once again a sustained break didn’t occur. Yesterday morning, EUR/USD dropped temporary below the 1.3050 area just before the open of the European markets. Sentiment in Asian was far from euphoric even as the Chinese PMI came about above the 50-line, while aThu, 02 Feb 2012 08:33:36 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-02.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-01.htmlOn Tuesday, the euro failed to recoup Monday’s losses even as sentiment on risk improved in Europe. An intraday down-leg of risky assets after weaker than expected US data, pushed EUR/USD back below the 1.31 big figure. However, the global picture in the EUR/USD cross rate hasn’t changed. Yesterday morning, EUR/USD recouped most of the losses of the previous session. There was no high profile news to guide the price action. At the last day of the month, one might also assume quite some orderWed, 01 Feb 2012 08:10:43 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-01.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-31.htmlOn Monday, the risk rally slowed. Of late, the correlation between EUR/USD and risk had become less tight. Nevertheless, with EUR/USD testing key resistance in the 1.32 area, the cross rate was ripe for a setback, too. However, for now the correction remains limited. EUR/USD had reached a new correction high north of 1.32 on Friday evening. Investors apparently didn’t want to be euro short ahead of the weekend as there was ongoing talk from EU officials that a deal on the Greek PSI wasTue, 31 Jan 2012 08:35:42 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-31.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-30.htmlAfter a week of interesting price moves in most markets, the news flow was far less inspiring on Friday. Nevertheless, the euro remained well supported. After a late session rebound, EUR/USD even closed the week north of the key 1.3200 area. On Friday morning, it looked as of the post-Fed correction of the dollar had run its course. The focus of the trading was on the Greek PSI talks and on the US Q4 GDP. On the Greek PSI, EU officials including EU’s Rehn indicated that a deal was almostMon, 30 Jan 2012 08:18:07 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-30.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-27.htmlOn Thursday, EUR/USD was supported by Wednesday’s Fed decision and by reports that a Greek PSI deal was in the making. However, a break above the 1.3200 resistance area didn’t occur. EUR/USD was near post-Fed highs in the 1.3135 area at the start of trading in Europe. At first, the enthusiasm of European equity investors to the Fed decision was rather muted. Later, European equities gained traction after press reports that an agreement on the Greek PSI deal was coming close. This news pushedFri, 27 Jan 2012 08:18:59 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-27.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-26.htmlOn Wednesday, the price pattern of EUR/USD showed two different faces. In Europe and early in the US, the single currency drifted south as the Greek PSI talks continued to weigh on the single currency. However, the Fed was a game changer. Bernanke and Co kept the door wide open for more Q3. EUR/USD jumped above the 1.3100 mark. On Wednesday morning, the price pattern of EUR/USD was a bit similar to what had happened on Tuesday. At the open of the European markets, sentiment on risk wasn’t thatThu, 26 Jan 2012 09:10:41 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-26.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-25.htmlOn Tuesday, markets took a breather after the recent rebound on the intra-EMU bond markets and in the euro. The news flow was mixed. The meeting of EU Finance Ministers didn’t show much progress on the EMU’s attempt to address the crisis. EUR/USD struggled to hold above the 1.30 barrier. EUR/USD hovered near the 1.30 area at start of trading in Europe. The outcome of the Greek PSI talks (or the lack of a result) caused a lot of market comments. However, the direct impact on EUR/USD trading wasWed, 25 Jan 2012 08:31:55 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-25.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-24.htmlOn Monday, the economic calendar was very thin. So, the focus of markets was on the Greek PSI talks. Investors were confident that an agreement was within striking this distance. This hope helped EUR/USD to regain the 1.30 mark. For now this is nothing more than hope. EUR/USD was changing hands in the 1.29 area at the start of trading in Europe. There were very few economic data to guide the price action on global markets, both in the US and in Europe. The Greek PSI negotiations was the talkTue, 24 Jan 2012 08:27:59 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-24.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-23.htmlOn Friday, there was hardly any news to guide the price action. Lingering uncertainty on the Greek debt talks was a good reason for short-term players to turn more cautious on the European risk rally. This pattern was also visible in the EUR/USD cross rate. On Friday , EUR/USD reached a correction high in the 1.2985 area. However, there were no follow-through gains. So, a real test of the psychological level of 1.30 didn’t occur. On the contrary, the euro faced quite a sharp setback early inMon, 23 Jan 2012 08:25:26 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-23.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-20.htmlOn Thursday, the rebound of the single currency continued in line with the overall improvement in sentiment on the euro area crisis. Successful auctions in Spain and France support the rebound. The (US) data were not important for currency trading. On Thursday , the trading pattern of EUR/USD was quite similar compared to what happened on Wednesday. The pair held mostly stable in Asia, but resumed its upward correction during the morning session in Europe. There were no EMU eco data withFri, 20 Jan 2012 08:28:36 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-20.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-19.htmlOn Wednesday, trading in most currency cross rates was driven by technical considerations as there was no high profile news to guide the price action. However, sentiment on risk remained constructive and EUR/USD extended its rebound. On Wednesday , the risk rally from Tuesday slowed, but after all the downside remained well protected. EUR/USD moved up and down at the start of trading as there were headlines on a potential two notch downgrade of Italy by Fitch. However, the downside remainedThu, 19 Jan 2012 08:39:42 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-19.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-18.htmlOn Tuesday, the focus of global investors turned from the EMU debt crisis to the global economic and monetary picture. The Q4 Chinese GDP provided a good excuse for a risk rally. The gains of the euro were not really spectacular but the long standing decline has been interrupted, at least temporary. On Tuesday, the euro found already a better bit in Asia. The publication of the Chinese Q4 GDP provided the perfect excuse for a risk rally. Growth slowed slightly less than expected, but theWed, 18 Jan 2012 08:23:32 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-18.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-17.htmlOn Monday, the price swings in EUR/USD were remarkably small. Even after the highly ‘mediatized’ S&P downgrade of Europe, currency traders didn’t want to place any big bets in the absence of guidance from the US. On Monday morning, EUR/USD held close to Friday’s lows. However, the reaction on the Asian markets to the S&P downgrade of Europe was muted. EUR/USD was changing hands in the 1.2650 area at the start of trading in Europe. In Europe, there were also no follow-through losses onTue, 17 Jan 2012 08:18:09 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-17.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-16.htmlEarly last week, tensions on the intra-EMU bond markets eased. Finally this triggered also a rebound of the euro on Thursday. However, the positive momentum could not be maintained. Intense rumours on an S&P rating downgrade of several European countries (which was confirmed after the close of the markets) trigged a new sell-Europe move. EUR/USD had to return Thursday’s gains. EUR/USD reached a recovery high in the 1.2880 area just be for the open of the European market. However, theMon, 16 Jan 2012 09:01:49 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-16.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-13.htmlOver the previous two weeks, there was a lot of trader talk that the market was extremely short euro. Until yesterday, this was not enough to trigger the overdue short squeeze in EUR/USD. However, over the previous 24 hours, the dominos fell in place for the correction to take place. Sentiment on the Asian market was not really euphoric yesterday morning. So, one was inclined to expect European investors to stay cautious ahead of the key events to come yesterday (Spanish auction and ECBFri, 13 Jan 2012 08:29:01 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-13.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-12.htmlAfter a pause earlier this week, EUR/USD resumed its downtrend. There was not that much of hard news but after a period of radio silence, the rumour mill was again in full swing. All kinds of rumours and investors’ caution to buy the single currency ahead of today’s ECB meeting kept the EUR/USD on a downhill path. Intra-day, in order-driven trade, the EUR/USD cross rate tried to regain part of the overnight losses. Ongoing speculation on an easing in policy in China might have played a (minor)Thu, 12 Jan 2012 08:34:34 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-12.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-11.htmlOn Tuesday, EUR/USD tried to regain some ground off from Monday’s correction low. It was a “risk on” day, giving EUR/USD downside protection. However, given the rally on the equity markets, the performance of EUR/USD was again far from impressive. Intra-day, EUR/USD headed toward the 1.28 area at the open of the European markets. A first test failed even as sentiment on risk was rather positive. European equities got support from a decent performance of Asian/Chinese equities as globalWed, 11 Jan 2012 08:25:38 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-11.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-10.htmlOn Monday, EUR/USD finally succeeded a technical rebound after the losses recorded last week and at the end of last year. There was little hard news to explain the move. So, it remains highly doubtful that this will mark the start of a profound change in sentiment vis-à-vis the single currency. Intra-day, EUR/USD set a new correction low at 1.2666 at the start of trading in Asia. However, the pair found a better bid, too. The rebound on the Chinese equity markets provided some support for theTue, 10 Jan 2012 08:19:35 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-10.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-09.htmlOn Friday, EUR/USD trended further south. Earlier last week, the slide in this cross rate was in the first place due to the negative sentiment on the single currency. On Friday, the better than expected US payrolls report caused some cyclically inspired dollar buying and this was also visible in EUR/USD. At the same time, global risk appetite and sentiment on the single currency remained fragile, too. Intra-day, the pair traded close to the correction low in the 1.2770 area at the start ofMon, 09 Jan 2012 08:14:52 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-09.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-06.htmlOn Thursday, the decline of the euro was extended. The news flow was mixed and failed to change investors’ assessment on how to trade the single currency. No (good) news is still considered a sell for the euro. Risk-off sentiment and ongoing uncertainty on the near term developments in the EMU debt crisis cause investors to stay away from the single currency even as there are few additional negatives. The pair is now well below the 1.2867/58 support area, deteriorating the technical picture.Fri, 06 Jan 2012 08:27:23 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-06.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-05.htmlOn Wednesday, the euro gave back the gains of the previous session. The news flow was still rather thin and this caused investors to focus on several pending issues with respect to the EMU the debt crisis. The risk rally of the previous two session slowed and this was also no help for the single currency. EUR/USD returned to the 1.29 area. Intra-day , EUR/USD retested Monday’s highs in the 1.3075 area at the start of trading in Europe. The rally on the European equity market slowed even as theThu, 05 Jan 2012 08:52:14 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-05.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-04.htmlWhile on Monday, in very thin market conditions, the euro couldn’t gain ground against the dollar despite stronger equity markets, this changed on Tuesday, when trading conditions started to normalize. Better than expected business confidence data throughout the world bolstered “risk-on” sentiment, restoring the “usual” correlation between “risk-on” sentiment and a rise of EUR/USD. The latter closed the session at 1.3050, a gain of 116 pips from Monday’s 1.2934 closing. Intra-day , EUR/USDWed, 04 Jan 2012 08:32:26 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-04.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-03.htmlOn Monday, trading in most major currency cross rates took a slow start to the new year. Trading volumes were low as most major markets outside Europe were closed. The news flow was also far from in inspiring. In this context, it shouldn’t be a surprise that there was no clear guide for EUR/USD trading and that the price swings were limited after all. As indicated, European markets basically had to rely on the local news flow. The Final PMI of the EMU manufacturing sector was confirmed atTue, 03 Jan 2012 08:13:17 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-01-03.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-15.htmlOn Wednesday, risk aversion due to worries about the EU debt crisis continued to reign, sending the euro further down against both the dollar and sterling. The losses were smaller than in previous days, but the technical break through the 1.3146 support was confirmed. Risk aversion was also reflected in lower equities, sharply lower commodities and moderate yield spread widening of intra-EMU bonds. Intra-day, EUR/USD opened around 1.3040 and lingered around these levels during the Asian andThu, 15 Dec 2011 08:24:58 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-15.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-14.htmlOn Tuesday, the euro at first stabilized following big losses on Monday, but couldn’t really find its composure. When some euro negative items popped up, even if they weren’t completely surprising, euro selling resumed, pushing the EUR/USD pair well below key support levels, painting a euro bearish double top on the charts. The losses came in two stages and had a technical component. Indeed, the hammering started late in the European afternoon when Ms. Merkel (according to sources) rejectedWed, 14 Dec 2011 08:06:55 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-14.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-13.htmlOn Monday, markets returned into a firm risk-off mode, after the EU Summit had raised hopes on Friday leading to a spike of risk appetite and across the board dollar strength. In thin trading, the EUR/USD really slid from the start in Asian till the closure in the US. EUR/USD opened at about 1.3380 and shed 200 ticks during the session to land at 1.3187. The move was technically interesting, as the pair closed below the November low at 1.3212, threatening the October low at 1.3146. AnTue, 13 Dec 2011 08:22:18 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-13.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-12.htmlOn Friday, markets had to make up their mind on the outcome of the EU summit. In the run-up to the summit, the media had created a hype, saying that the summit would be decisive for the fate and the future of the single currency. Given the comments before the summit, many commentators expected a pronounced market reaction. “Was the single currency saved or not?” Looking at price graph, it doesn’t look like major decisions have been taken. Changes in Europe occur in a very gradually way, mostlyMon, 12 Dec 2011 08:27:02 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-12.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-09.v02.htmlOn Thursday, markets had to digest the first of two events that were considered to be crucial for developments on almost all markets. From a market point of view, the ECB meeting provided somewhat of a cold shower. Draghi and Co didn’t give the impression that they were preparing a big U-turn in the their approach on how to solve the European debt crisis. Risky assets and the euro reacted in a negative way. Overnight, the E(M)U leaders agreed on a plan to tighten fiscal disciple in the EMU.Fri, 09 Dec 2011 09:07:00 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-09.v02.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-08.htmlOn Wednesday, the rumour mill in the run-up to the EU summit was the key driver for EUR/USD trading. Over the previous days, investors were fairly optimistic that some kind of solution would be reached. The solution probably won’t be the perfect bazooka, but it was expected to be forceful and credible enough for Europe to buy time in order to restore government finances in a ‘European’ way, i.e. relying as little as possible on the ECB printing press. This moderate optimism was still in placeThu, 08 Dec 2011 08:21:47 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-08.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-07.htmlOn Tuesday morning, trading the EUR/USD cross rate was in first place driven by the fall-out from the S&P action on Europe late in the US trading session on Monday. The euro lost already quite some ground at that time, but several European investors had still some repositioning to do. So EUR/USD lost anther 50 ticks at the start of trading in Europe reaching intraday lows in the 1.3335 area. The S&P action got extensive coverage on the financial newswires. However, the impact on otherWed, 07 Dec 2011 08:12:58 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-07.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-06.htmlOn Monday , the rally of hope in the run-up to the EU summit continued. This move was mostly visible in the intra-EMU government bond markets as spreads continued to decline. Equity investors were well inspired too. However, the gains of EUR/USD were far less spectacular compared to the risk rally seen in both other markets. The pair was seen in the 1.34 area at the start of trading in Europe and set an intraday high at 1.3487 early in the US. The European PMI of the services sector wasTue, 06 Dec 2011 08:52:34 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-06.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-05.htmlOn Friday, global sentiment on risk remained reasonable positive . The tensions on the European markets continued to ease. The financial sector was a good barometer as the stocks profited from news headlines that the EBA refrained from tightening the stress tests. This kept EMU government bonds and the euro well supported. German Chancellor Merkel in an appearance before the German Parliament repeated her view the solution for the EMU debt crisis: the key resolution will have to come from aMon, 05 Dec 2011 08:50:39 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-05.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-02.htmlOn Thursday, global markets took a breather after the big leap higher in the wake of the coordinated action of the major central banks to facilitate the USD funding. After such a big one-day rally, it is not unusual to see some consolidation or even a small retracement. Equities fell prey to some profit taking. EUR/USD was off from Wednesday’s highs, but the pair stayed well supported. There was a brief dip early in Europe, but the pair soon returned to the upper half of the 1.34 big figure.Fri, 02 Dec 2011 08:17:32 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-02.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-01.htmlOn Wednesday morning, European markets didn’t really know which card to play. The outcome from meeting of the EMU finance ministers was again disappointing as it failed to provide clarity on the operational details and the leveraged firepower of the EFSF. However, who had hoped that there would be a real breakthrough on this item? In addition, S&P downgrading several big banks was also a (slightly) negative factor for overall sentiment on risk. So, European stocks opened in negativeThu, 01 Dec 2011 08:26:52 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2011-12-01.html