With Europe’s problems getting pushed off the front page lately by all manner of sensational news, it’s not surprising to see that those running the show, most particularly the ECB, have used the lull in coverage to push the euro as high as possible. Think of them as squirreling away nuts for the winter. And you had better believe they’re going to need every one of those nuts when the world’s attention turns once again to the sordid details of deals buttressing the illusion of a stabilized Greece, Spain and Italy. Meanwhile, from a technical standpoint, we needn’t even work the numbers to infer that the futures are on their way up to 134+ to test copious supply left there last spring.
