EU wants its own mark-to-market reform

Now that the US banks have seen their mark-to-market accounting rules eased, EU finance ministers are asking for similar relief for European banks. Given the new global nature of financial regulation, it makes perfect sense that all the big banks play by the same rules.

Markets are quietly range-trading as one would expect on a Friday afternoon after an employment report which came in close to expectations. EUR/USD trades at 1.3435, USD/JPY at 100.00 and EUR/JPY at 134.35.