Early optimism surrounding the Spanish bailout has faded somewhat and the single currency has given up ground across the board.

EUR/USD down at 1.2575 from early 1.2630, having been as low as 1.2560 after sell stops tripped through 1.2580. The BIS was seen buying in the 1.2590/00 area and this slowed the sell-off for a time. Large ACB subsequently seen buying around the session lows.

Cable effectively unchanged at 1.5545, well 5 pips lower from when I arrived. EUR/GBP down a .8087 from early .8123, reflecting the general euro slippage.

USD/JPY down at 79.45 from early 79.60, EUR/JPY down at 99.90 from around 100.55.