EUR/USD sits at 1.2795 having fallen sharply during Asian trade. Report in WSJ, that some banks under-reported exposure to risky government debt in recent European stress tests, seems to have been main driving factor. Worries concerning European banks and PIIGS are never far from the surface.
Euro zone data scheduled for release today very thin on the ground.
10:00 GMT: German factoory orders for July expected +0.5% m/m, +20.6% y/y
Sean reported overnight sell stops through 1.2780 and more through 1.2755.