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European morning wrap: Relatively quiet in forexland

|Includes: CurrencyShares Euro Trust ETF (FXE), FXF, UUP

EUR/USD down at 1.3485 from early 1.3505, having been as low as 1.3437 at one stage.  Euro zone  debt jitters continue unabated, the ECB  seen buying Italian and Spanish bonds aggressively this morning.

EUR/USD slipped early, but reports of China on the bid down around 1.3450 lent decent support. That’s until the Spanish auction results, the high yield (see above) spooking the market.

We got to the low 1.3437 before steadying (helped by more reports of China buy interest  lined up down around 1.3430 and aggressive buying of Italian and Spanish bonds by the ECB)

Barrier option interest now noted down at 1.3400.

USD/CHF touch firmer at .9200 from early .9185. EUR/CHF little changed at 1.2405.  Rumours Swiss National Bank in asking EUR/CHF and GBP/CHF forward levels will have helped support the cross.

USD/JPY effectively unchanged at 76.90.  Sell stops seen through 76.80 and more through 76.50 ( barrier option interest  reported at latter level)  Buy stops seen through 77.20 and more through 77.50.

Cable also effectively unchanged at 1.5760.