The EUR is trading at $1.45 for the first time since September (when it broke to the upside, going as high as $1.513). If the EUR heads to the 200-day moving average, it would reach a level in the low $1.40s. It broke below the 50-day moving average earlier in December, which is important given that since the EUR bull move began in March, this has served as a great support level. There are plenty of reasons for the EUR weakness, including Greek CDS spreads continuing their break out. From the Big Picture:

“Greek bonds are down sharply again with their 10 yr yield rising 24 bps to 5.70%, up 83 bps in 2 weeks and at the highest level since April and their 5 yr CDS is at the highest since March due to the lack of faith in the plan laid out by Greece’s PM.”

DXY (US Dollar Trade Weighted Index) has made a notable strong move, its first since January of this year. Its current reading is 77.06.