Reports over the weekend that the EU has been working on plans for a rescue fund for crippled banks has given the EUR, and other risk trades, a lift in early morning trade.

Another Reuters headline reports that the Spanish government may recapitalise the embattled Bankia, using Spanish government bonds, has also given the single currency a lift.

There is nothing concrete in any of these plans and the latter would involve Bankia using the government bonds as collateral to get funds from the ECB, and it’s by no means certain that the ECB would agree to such measures.