US stocks are in the driver's seat for EUR/USD, says Todd McDonald of Standard Chartered, with equities' late-afternoon push to session highs helping ignite short-covering in the euro. The improved sentiment in stocks is "more of the fact [they were] beaten down so much and that Greece didn't slide into the Adriatic." The euro is now up 0.2% at $1.2807 and recently hit session highs against the Japanese yen and Swiss franc.
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