There’s no news on the wire that I can find that accounts for that move, but it is coming toward the end of the European session into a weekend.
One has to wonder if the “euphoric” response to the so-called (bogus) “stress tests” is wearing off, whether the creeping-higher CDS spreads on European nations have finally woken people up, or whether, just perhaps, there’s a nasty little – or not-so-little – surprise that is going to be served up on someone over the weekend.
Right now, as I write this, our markets look reasonably stable. But FX moves like this, when there is no news story on the wire, are rarely “no big deal” – instead, they typically indicate that something is going on and you’re just not privvy to what it is – yet.
Extreme caution advised.
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