EUR/USD: Sovereigns Soak Up Selling

EUR/USD has rebounded back toward 1.3240 as the usual sovereign accounts soak of selling on dips. Emblematic of the USD selling are comments from the Qatari Finance Minister who notes he is very worried about the weaker USD. With oil priced in USD and their imports largely priced in EUR and Asian currencies, they are taking a haircut. Offers are seen on rallies to the 1.3240s.