Firmer stock markets, bond yields and commodity prices are helping underpin EUR/USD and EUR/JPY within overnight ranges. We are roughly in the middle of the 1.2410/1.2543 range established overnight, awaiting fresh inputs.
The Spanish PM is pressuring Europe to decouple the banking crisis from the sovereigns and appears to be having reasonable success doing so. Two weeks ago the idea of banking union was absurd. Today, it looks like just a matter of time…Amazing how things can evolve in the face of crisis.
