EUR: Surrendering the gains - BBH

Analysts at BBH note that the euro is surrendering yesterday's gains, of which they were suspicious as there does not appear to be a macro driver.  

Key Quotes

“The eurozone confirmed July inflation readings, and the June trade balance was a little largest than expected, but mostly offset by a downward revision in May.  There is no material impact on GDP expectations.  Nevertheless, the euro is heavier on the crosses as well. The euro is holding a down trend since peaking on August 2 a little above $1.19.  The trend line comes in today near $1.1815.  The high in Asia and Europe is $1.1790.  Support is pegged in the $1.680-$1.1720 area.  There are nearly two bln euros of options struck between $1.17 and $1.1715 that are on the block today.  There is another option for nearly 550 mln euros struck at $1.1760.”