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Forex pairs in this Article » EUR/USD (London) - Kit Juckes at Societe Generale mentioned that the dollar has been a conundrum to clients - with EUR/USD settling above 1.3400.

His underlying thought is still not to sell it below 1.3600, but more particularly not until relative rate trends become more helpful. He notes that 2y/2y US rates are up about 60bp since the start of May, but 2y/2y euro rates aren't far behind, up 43bp. He feels the current 1.22% in 2y/2y Euros is too high, but can be dragged even higher by the next leg of the US move.
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