Reuters: ESM to come into force before Treaty ratified

EU leaders agree that the ESM will come into effect from July, to sign treaty at later stage, according to EU officials.

Rules? We don’t need no stinkin’ rules!

EUR/USD seeing a short-covering rally on the hope that the EU comes up with another phony-baloney bailout. On that, you can always count.

Today’s headlines will become tomorrow’s “lingering questions…”