EUR-USD dove back below 1.1400 during the early Europe AM session. This follows eight consecutive weeks of dollar long squaring, according to CFTC data. ECB's Mersch helped elicit the move in saying that QE will by fully implemented so that "inflation rises back towards 2% as quickly as possible." This backed up the message from bank president Draghi last week, and the message seems to be working as bund yields having steadied lower after recent steep advances . EUR-USD's low so far is 1.1366, down quite sharply on the early London AM high at 1.1446.
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