EUR/USD has edged down into the low 1.4670s once again but is so far holding onto those supports. Fresh weakness in the reflation trade has boosted the dollar against the EUR and GBP but not against the JPY as that currency remains caught up in unwinding by Japanese investors. Weakness in emerging markets is forcing covering of JPY shorts against those currencies.
Bank of Italy governor Draghi is on the wires saying European banks need to get ready for credit losses. Not what the EUR needs at this juncture.
