For all the headlines either side of the NY close we are back trading within a few pips of the NY close in EUR/USD. The move to 1.3337 on the ETSF news (nothing new) was hard to understand and with US equity futures down 0.5% (on a plethora of bank ratings downgrades) one suspects that as some stage today we will have a reality check and risk trades will be sold. That said it is month end and with talk of big MSCI flows at tonight’s London fix, Asia will be keen to hug the sidelines today.