EU commissioner Olli Rehn will tossed a wrench into EUR/USD trading by announcing that he would make a statement on Spain at 1515 GMT (10:15 ET).

That set off a flurry of speculation. A newswire said the statement would be about Spain’s “excessive debt procedures.” The knee jerk reaction was that he would announce a Spanish aid but that idea was quickly extinguished because it’s the government that must first make the request.

Just a reminder: Spain will not make a bailout request until 10-year yields are at least 7%. They’re currently 5.87%.