Every hurdle comes with a bailout rumor. Earlier this week there was talk the request could come after the budget was unveiled. Today there is talk it could come after the stress tests. If the stress tests reveal a deeper hole in bank balance sheets than expected (EUR 60-70 bln), thah pressure will be amped up on Spain to take the money sooner rather than later.
EUR/USD is firmer in its range, near minor resistance in the high 1.2930s.
