The European debt crisis and the policy paralysis continue to dominate the capital markets. The euro has been driven lower, breaking below the 200-day moving average in Europe for the first time since January 12th today, before recovering following respectable bill auctions in Italy and Greece and talk that the ECB broke a couple month hiatus and intervened bought sovereign bonds. The euro bounce is unlikely to be sustained. Look for the $1.4000-$1.4050 area to now denote upper end of range.
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