The big dollar has traded surprisingly poor despite the lukewarm news on Greece and global equities just about finding their feet in the overnight session.

This morning the market has already been exposed to a dismal ZEW headline. The sentiment index fell-9 versus a more modest drop to-2. Even the current conditions fell significantly and hit 87.9. Thus far, it has not been enough for the EUR to shift into reverse. This EUR recovery could falter into the upcoming Greek vote and should prompt fresh sales into strength as the dollar looks to the FOMC for inspiration.

Any negative news from the ‘vote’ or the EU Leaders Summit later in the week will trigger a strong wave of selling and risk aversion driving markets into a new selloff. The panic attack is only a step away.

The US$ is a weaker in the O/N trading session. Currently, it is lower against 11 of the 16 most actively traded currencies in a ‘whippy’ session.

And the euro still remains relatively strong vs us dollar as China continues to buy eurozone bonds.