EUR review

The euro popped earlier to two-week highs near $1.09 thanks to the best reading of German business optimism in 10 months in April. But the rosier Ifo survey was overshadowed by a big meeting today in Europe over the Greek cash crisis that few expect to end with a resolution to Athens' ongoing debt problems. 

A hope that Athens may soon earn its remaining billions of euro in rescue loans can help limit downside risk for the euro, but until a concrete deal is actually reached the euro is unlikely to see gains last beyond the short run.