Borrowing by Portuguese banks from ECB at record 40.2 bln in June – Bank of Portugal

Borrowing by Portuguese banks from ECB reached a record 40.2 bln in June, up from 35.8 bln in May.

News hasn’t helped euro any. We’ve reached session low 1.2812.

Elsewhere heavy selling of EUR/CHF cross continues. We’re presently down at session low 1.3465 from early 1.3575. This will be adding to weight on EUR/USD. Guess they’ll be rumours of SNB offloading their large holdings in the cross. There was certainly speculation BIS sales of EUR/USD above 1.2900 earlier were on behalf of the SNB.