Spanish bond spreads have widened out further, now at 189 bp, the widest ever versus German 10-year bunds. Stocks have given up their early gains with the S&P up only 1 point on the day.

EUR/USD has fallen back below 1.2200 and EUR/CHF is below 1.4100 on a report saying the SNB cannot sustain its endless EUR/CHF support.

Next support is at 1.2175, yesterday’s early low in New York. 1.2168 is the 76.4% retracement of the 1.2110/1.2355 rally. Stops are below both levels in small amounts.