Forex: EUR/USD rallies on IMF's Lagarde (Barcelona) - Christine Lagarde, head of the IMF, is behind the current Euro rally after her confident comments that Greece's problems are expected to be truly fixed, including the debt sustainability, so the programme gets back on track.

The EUR/USD rallied to 1.2757 high, so far, in its upside day. The pair is still rebounding from yesterday's low at 1.2662. Earlier, EU's Rehn said borrowing costs in the vulnerable countries are lower and that economic indicators in the Eurozone point to short-term weakness.

Already expecting a rebound, signaled by technical indicators, Commerzbank analysts wrote: “Rallies would be regarded as a correction only and we remain overall negative - last week the market broke down from a symmetrical triangle, which offers a downside measured target to 1.2483”, wrote analyst Karen Jones.