CNBC is highlighting market fears that Greece is the European version of Dubai. There were press reports overnight that Greece had turned to China to try and peddle its latest tranche of government debt.

The markets to do what they always do. Once one animal is wounded, they look for the next weakest animal to attack. Greece and Ukraine are two likely targets, and both would have negative consequences for the EU and its new “federal” government.

With year-end approaching, this may prompt some of the leveraged community, who have very large gains in EUR/USD, to begin trimming exposures and letting the debt dust settle.

EUR/USD trades just above 1.5000 after stalling above 1.5080/85 overnight.