Not all Tapers are Created Equal

Much head scratching and teeth gnashing after the Euro staged a significant rally out of thin air yesterday. Sure, it was kicked off by stellar German GDP and confidence data but that was offset by lower Spanish core inflation, but the bid in the Euro lasted persistently throughout the European day. Every single hour saw the price rally, and it's the same story today since London opened at 7am:

Interesting that it only saw respite in the Asian trading . . .

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