Nomura has gone short euros around current levels  at $1.4250 and points 4 reasons for the play.

• Italy remains a problem;

• better news on the US fiscal front;

• ECB hikes may not be as certain going forward "based on weaker growth momentum and financial market tension;

• even if NFP was weak, we should see a bounce in US data in the next 1-2 months.

Nomura has a stop in place at $1.4550 and target below $1.4000.