Deutsche Bank has decided not to call a bond that would generally have been called, prompting jitters that the bank may have some funding difficulties, despite the fact that calling the bond would cost the bank more than letting it run to maturity. The market jump to conclusions? Never!
The jitters, justified or not, have helped prompt a modest pullback in the euro from wildly over-bought levels. I have no idea of the impact of this fairly arcane news. I link, you decide.
EUR/USD trades at 1.4330 from 1.4435 highs.
