The recent calm of the past few sessions in Asia was gently interrupted today as the Euro faced a renewed wave of selling, most notably against the Swiss Franc. Despite the rhetoric from Germany stating it would help out with a plan to aid Greece, investors remained unclear about any details of a plan, or for the matter, if there was in fact even a concrete plan in place to speak of. The EUR/USD was riddled with sellers that pushed the pair to a late 14 month low right near the 1.3430 mark. Heading into the London session the pair looked to be peering down a potential abyss.

EUR/CHF was in even worse shape as it was sold into new historic lows to 1.4231, prompting many to wonder why the SNB was absent in an attempt to stem the evaluation of its rapidly appreciating currency. The Euro was at 1.4650 Swiss francs at the start of the month and has deteriorated despite a few futile attempts by the Swiss National Bank to try to stop the rise of their currency through direct market intervention. The EUR/CHF looked to be on a slippery slope as well as the traders in London had morning tea as they readied for the trade day.

Early in the session, the NZD/USD took a hit, dropping from 0.7075 levels to eventual lows near 0.7030 after disappointing Current Account data dampened demand for the kiwi. AUD/USD looked to be holding firm near 0.9170 despite a late sell off in risk. GBP/USD dipped to 1.4980 on that sell off, and the yen crosses were fading faster as the day wound down. USD/JPY kept within its seemingly usual 20 pip range again, today between the 90.35 and 90.55 levels. Better than expected trade balance out of Japan had zero effect on the currency.

Markets looked poised for the potential of big moves in the upcoming London session. If the Euro continues its trip lower, be cognizant of the possibility of SNB intervention directly in EUR/CHF.