The euro pulls back against the dollar, dropping to trade below $1.31, around the same time there was a steep pullback in oil prices. Other perceived risk assets, such as US equities, are also retreating as oil prices continue to plunge. There was no one clear-cut cause for the pullback in oil. As is often the case with a quick drop in oil prices, market speculation has picked up that there could be a release of strategic petroleum reserves, though that is not confirmed. The euro is at $1.3097 from about $1.3120 just before the pullback, according to EBS via CQG. The euro had been relatively flat throughout an otherwise quiet afternoon trading in New York.
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