Rabobank - "(...) If a news packed 2012 has so far been insufficient to shake up volatility in EUR/USD the implication is that the months ahead may also be prone to bouts of relatively constrained range trading. News from Greece and Spain still has the capacity to send fresh shocks waves through the Eurozone. However, it is likely that the very existence of the ECB’s OMT will continue to limit downside in EUR/USD. Into yearend and Q1 2013 it is possible that most of the direction in EUR/USD will be taken from the US’s Fiscal Cliff. In contrast to the greenback’s current better tone we expect some modest softening of the USD into the last weeks of the year on the back of speculation of more QE from the Fed. On a 3 mth view we expect EUR/USD to edge modestly higher towards the 1.300 area on anticipation of a improvement in risk appetite."