The Euro has taken off against the Dollar as short EURUSD positions are closed out dramatically. Stimulating the market was the news from the German parliamentarians that Germany was considering buying up to 25 billion Euros worth of Greek sovereign debt through KfW Group, a state-owned lending institution. Such a move would help to plug a big hole in the Greek state budget; Greece is seeking to raise 53 billion in the markets this year. Greek bonds have rallied strongly on the news and EURUSD has smashed through technical resistance around 1.3620, surging to a day-high at 1.3682 so far. EURGBP has also outperformed gaining nearly a percent in today's trade. The Pound was not helped by better-than-expected UK Revised Q4 GDP figures (0.3%), and pessimism continues to weigh on the currency. The failure of EURUSD to break below 1.3450 this week has set-up the upward move, and there were clear indications yesterday and today that USD buying was slowing down. In U.S. news: a strong Revised Q4 GDP figure was off-set by very weak Existing Home Sales data.