Mr. Chandler adds: "It appears that the euro's advance is being met with call buying (either for protection of underlying shorts or as a way to benefit from a euro advance rather than getting caught up in the vagaries of spot action.). The risk-reversals (euro calls relative to puts equidistant from the forward strike) now show the smallest discount for euro calls (smallest premium of euro puts) since the Greek crisis first surfaced in late 2009." Marc anticipate additional near-term euro gains.
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