Euro Strength, Yen Weakness Dominated, More to Come? Euro's rally and yen's decline dominated the markets last week. The common currency was lifted as Greece finally secured the second bailout. Also, markets have been bidding up Euro ahead of this week's send long term LTRO from ECB. Meanwhile, the Japanese yen's fall accelerated on BoJ QE expectations as well as strength in crude oil. Markets were rather dull elsewhere though, as dollar was bounded in range against sterling and commodity currencies. Momentum in stock markets was unconvincing as DOW struggled to close above 13000 level. However, commodities have been impressively strong as CRB index gapped above 319 resistance and has never looked back since then. Crude oil also managed to extend recent rise and accelerated to close close to 110. Technically, the sustainability of Euro's rally is not confirmed yet but yen's reversal looks real. We'd expect more selloff in the Japanese in near term but would be cautious on sign of loss of momentum in common currency. Full Report Here... | 
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