It all boils down to the rise or fall of a currency within a single day. Yet it is pretty amazing to find that an otherwise dry daily summary report can be described concisely in such an interesting and illustrative way.

EURO SUMMARY: Opened at $1.2913 after $1.2861/1.2967 o/n range. — Euro had seen a solid short-squeeze on the back of upbeat Ifo report but pair was relinquishing gains ahead of much awaited stress test outcome. Euro leaked slowly lower to $1.2880 area to test bids and nearby stops, the pair getting a shove lower as wire released stress test parameters that left market unimpressed. Euro losses stretched to $1.2794 as intra-day longs bailed but layered bids sub $1.2800 cushioned the fall for rebound to $1.2835 ahead of the option cut. Further chop above $1.2800 resolved higher for trade to $1.2860 ahead of stress test results and pair spiked to $1.2905 before reversing to $1.2827 on release of outcomes. Further drift lower saw euro base at $1.2805 amid light flow but thin conditions allowed return to $1.2880 in early afternoon. Further gains, against a backdrop of rising U.S. stocks, saw euro stretch to $1.2925 by late in the session.

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