5 year cds at 911.6 bps, surpassing Venezuela’s 836 bps.

EUR/USD has rallied back, presently at 1.3185. ACB buy orders at 1.3130/50, and announcement Merkel to give statement at 14;45 GMT after meeting with IMF’s Strauss Kahn , seem to have prompted some short covering.

Also stops have been tripped through 123.50 in EUR/JPY which will have given EUR/USD a lift. We’re presently at 123.75. Sorry heard about those stops earlier but forgot to put them up. Just too much for one poor soul.