Schaeuble to Madrid tomorrow for “routine” visit– Reuters

There is nothing routine about a visit to Madrid with Spain on the cusp of asking for a bailout and Germany trying to slowdown the process.

UPDATE: Reuters amends headline, says Economy Minister Roesler will make the trip to meet with his counterpart, not FinMin Schaeuble.

If a bailout request comes, expect a few days of EUR/USD strength and perhaps a test of the range-tops toward the 1.3200 level.