The markets have been rallying on the first green-shoots of spring the last few weeks but a respected banking analyst in the US is throwing cold water on the idea that the banking sector is becoming healthier.
CNBC just trumpeted Mike Mayo’s report and that helped send S&P futures into negative territory. Profit-taking is being seen in EUR/JPY and the components as a result.
EUR/JPY sits on intraday support at 136.50. A pullback to 135.70 is seen on a break.