Aggregate stress test results by country will be issued on July 23 but bank-bu-bank results will be delayed two weeks, according to an EU official.

The delay will come as a disappointment to the market and could weigh on the euro.

EUR/USD is weighed down by the Portuguese downgrade, helping offset the very strong equity rally underway after strong earning to kick off US earnings season.

German banking sources tell Reuters that German banks are on track to pass the tests according to preliminary calculations.

EUR/USD trades at 1.2572.