EUR/CHF is at all time lows this morning, reflecting the continued concerns over European sovereign debt.

France is the latest European economy to be captured by the credit spotlight. Bloomberg warns of a possible multi-multi-grade cut to France’s sovereign debt rating owing to massive French bank exposures to the sovereign debt of other EU states.

Real-money accounts have been small but steady sellers of EUR/USD on rallies this morning.

EUR/USD is at 1.3162, EUR/CHF at 1.2688.