Given the US holiday it was always likely to be a lacklustre European morning session, and that’s how it panned out.

European stocks have given some ground, eurostoxx down -0.6% at writing, while Spanish and Italian government bond yields have crept higher. Against this backdrop, EUR/USD has slipped slightly.

Down presently at 1.2570 from early 1.2590, having been as low as 1.2563 so far. Talk of buy orders clustered 1.2550/60, sell stops through 1.2540.

USD/JPY effectively unchanged at 79.80.

Cable marginally lower at 1.5655 from early 1.5675.