Euro zone rescue bonds would not have preferred status

Bonds issued by the Euro SPV would not have senior status in the capital structure, apparently, judging by comments from an EU source quoted by Reuters. They will come in many different flavors, err, maturities though! And of course, they will be AAA.

EUR/USD has bounced back to the 1.2065 area after a fractional dip below Fibo support at 1.2048.