Another session painful for the bears in the euro, as there were several factors that contributed to an explosive rally about 2% for the single currency against the dollar. The successful auction of Spain and Italy (it is said that the Spanish had a 50% foreign ownership – thanks, China) threw the ball rolling and optimism spread after the ECB press conference. Trichet said the current rate levels are appropriate and that risks to growth are tilted slightly downward, rather than last month. No
