Confirmation from the Spanish economy minister that Q1 growth will be negative, following a negative Q4 of 2011 has helped pressure EUR/USD to session lows and Spanish stocks down 2% on the day.
Risk aversion in general has risen this morning as traders doubt the EU firewall be sufficient if another debt crisis flares up (as it inevitably will) no matter what the politicians come up with in Copenhagen this week.
EUR/USD dipped as low as 1.3277 on this push, triggering some stops, but more remain below 1.3275.
We trade now at 1.3285.
