Yes, the dollar rallied Wednesday as the U.S. Treasury curve continued to steepen but European and British news was very negative. The potential downgrade of Spain and German Parliamentary battles roiled the European currencies. In Germany, politics are being played out to see if the economic locomotive of Europe is going to be more European or more German. A Financial Times op-ed by Frank-Walter Steinmeier and Peer Steinbruck set the tone for the battle lines. These are political heavyweights as Steinmeierwas foreign minister and Peer Steinbruck was finance minister in the first Merkel administration so their voices are louder than others.