Draghi Isn’t Powerful Enough To Stop This…

Ok, so just a quick note on the euro. After blowing through 1.20 on Tuesday and getting some notable traction as a safe haven, the single currency has come off a bit on Wednesday, providing some welcome relief to eurozone equities which hit 6-month lows yesterday. The relief rally in the dollar now has the euro on pace for its first two-day decline in nearly two weeks. As Bloomberg noted earlier this morning, "longs were stopped out and interest to fade the dip lies lower than current levels."