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From: Keith Feral	7/26/2012 11:00:01 AM
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Euro may have made it's 12 month low around 1.20. That brings it back near the 2003 levels, which is a pretty decent pullback. Lot's of cash on the sidelines waiting to see what happens with the anticipated August correction. Looks like it's going to be much tamer than the last couple years. Euro could probably sit between 1.20 and 1.30 for a long time as things settle down. Good to see Draghi finally taking off the gloves to expand the ECB mandate to do whatever is necessary to keep Spain and Italy from falling into the abyss. Ireland's borrowing costs are coming way back down this week too. I think it was interesting to see that banks were adding exposure to Ireland last quarter. I think they may have turned the corner in terms of gaining access to capital market support again.