The euro has been rallying all week, but a drop over the last few hours has sent the currencies value down nearly $0.02.
Analysts have been speculating about a euro correction all week, and this could be that move. Morgan Stanley has noted that the number of short positions on the euro has fallen since last week.
This is still higher than the sub-$1.30 values we were seeing for the first half of this month, however.
European stocks closed slightly higher after losses ate away at a steep rally this morning. U.S. stocks are negative half way through the trading session.
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