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The negative Greece factor on the euro increasingly reflects on the single currencys modest rebounds during aggressive equity rallies and its sharp declines during risk aversion phases. This is a far cry from the days when EUR was among the top FX performers during risk-on days.

This trend began in December, when the euros correlation with equity indices fell to its lowest in over a year, adding credence to the notion that the euro is acting as a funding currency to commodity currencies.

The chart attached shows the percentage appreciation in currencies, SP500, gold and US crude since the ECBs LTRO started in December 20. LATEST PREMIUM TRADES are here: http://ashraflaidi.com/products/sub01/access/?a=601

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