Barroso: The euro isn’t the problem, it’s the countries in it…

EU honcho Barroso says it is not the euro that is the problem, it is the countries in the euro that live beyond their means that is the problem. The EU must better coordinate economic policy and address imbalances competitiveness to make the euro work, he says. It is a strong currency and will not fail…

Equities have turned lower shortly after the US open. The S%P is down 0.6%, helping undermine EUR/USD. Stops are eyed below the 1.2350 level, traders say.