Published at 08:35 (GMT) 11 Jul

EURUSD

Portuguese banks don't appear to be the problem that they were yesterday, equities are bouncing back and EUR/USD nudging a little higher in sympathy. It doesn't look close to enough to threaten 1.3700, and EUR/CHF is struggling to bounce which might also suggest a degree of scepticism that the problems really are just a local difficulty, and we suspect that this might just be an opportunity for the day traders to get short for a drift back down to 1.3600 for expiry time. PB

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