1.4000 was penetrated for a moment, triggering a barrier option there and prices are now rebounding, trading in the 1.4020s. Dealers note growing credit concerns in Europe as more banking shares come under pressure, a precursor to the chaos seen in the States in recent weeks. Sovereign risk in Iceland is a concern as well as their recent bank bailout was larger than the US package on a per capita basis and that was just for the third largest bank. If the larger banks go, the government will be in deep trouble. Credit default Swaps on Iceland are out to 635 bp this morning.