That the euro could rally just on the news that Germany's constitutional court won't delay its decision on the ESM gives some indication of the bias for a stronger euro, with shorts continuing to get squeezed out. SocGen notes investors are mostly keen to have a ruling on the ESM one way or the other, taking one more variable off the table. It adds a break above $1.2841 could open the way for the euro to sit at $1.30 for the first time since May 9. The single currency is at $1.2787, down from an intraday high of $1.2819 but higher than late Monday's $1.2759, according to EBS via CQG.
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