The ECB is rumored to be asking that the ESFS compensate it for losses the central bank has taken on the PIGS bonds it bought early in the crisis. It is no coincidence that the ECB halted bond purchases when it was unable to transfer its portfolio to the EFSF earlier this year.

As Obama recently reminded us, nothing is agreed until everything is agreed.

Further support for EUR/USD is in the 1.4325/30 area should we dip below 1.4370.