Perhaps not the most dramatic developments in the history of this long, drawn-out crisis but significant nonetheless.
The ECB has made collateral rules easier so that banks can pledge additional types of securities in exchange ECB cash (though the Bundesbank is critical of the move) and the heads of the four largest euro area states have endorsed a modest stimulus package.
The stimulus is not likely to do much to spur growth but it should help quell some of the political unrest around the euro area.
EUR/USD stalled ahead of 1.2590 resistance and is now trading back onto the middle of the days range.
1.2520 support remains critical while bids are seen toward 1.2500, we’re informed.
