Merkel: Likes chances of a European Tobin Tax

Chances of a European financial transaction tax are “not bad”, Chancellor Merkel says. She expects the tax to raise EUR 2 bln by 2012.

EUR/USD is under pressure after the comments with the market violently opposed to anything that would retard market volumes.

Also helping weigh on EUR/USD is very heavy selling of AUD from a UK clearing bank. It has fallen to the 0.8185 from from 0.8200 on the selling.