Asia is showing little interest in proceedings in early dealings but don’t expect it to stay that way all day. The Largarde comments has seen EUR/USD retreat to a low of 1.4466 but it has been a slow descent so far. Their might be fireworks in Europe with stocks unlikely to react well to her comment calling for the mandatory recapitalization of European banks. Elsewhere Gold is off 1.0% as Asia pares some of the excessive exuberance from the market’s continual belief that QE3 is still on the drawing board.