FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that despite Junker´s commentary on Euro driving down the Euro, the move was overwhelmed by reports of new buyers, ranging from the middle east to hedge funds and real money, taking advantage of the dip to get with what is understood to be the underlying trend.

They write, “Short-term momentum and trend followers were caught leaning the wrong way, aggravating the move. Over the past two weeks, 3-month implied Euro volatility has risen from below 7% to 8.3%, the upper end of its 3-month range. The firmer volatility also appears to bring in more interest.”