The euro hasn't gained ground with all that has happened, including intervention, both coordinated and unilateral.

Unilateral intervention is a very risky venture. They tried it and it didn't work. The latest tactic is to intervene on euro strength, but that strength isn't happening.

The dollar gained some ground against the yen after Japan's apparent intervention early this morning. That's something that makes the market feel good.

No ground gained was ever relinquished.

There is ... no sign yet that the ECB is even contemplating unilateral intervention on the euro.

The euro is heavily undervalued, and in my view it is also clear that intervention cannot be a taboo,