Positive noises from German chancellor Angela Merkel have boosted the euro this morning, as the currency mounts its latest challenge on the $1.24 level.
There is an old English saying, 'fine words butter no parsnips', but investors seem content to disregard this axiom for now, or at least believe that it presages strong action from EU leaders. After Mario Draghi declared he and the ECB would do whatever it takes to save the euro, markets rallied strongly. Ms Merkel was in Canada yesterday, and she said that Mr Draghi's views were in accord with those of eurozone leaders.
So, although we haven't actually seen any action yet, and have only promises and suggestions, the euro continues to gain.