EUR/USD extends sell-off

By: Gerry Davies

EUR/USD has been as low as 1.2930, presently at 1.2938. Some talk the BIS has been selling the pairing in recent trade, but from what level/s I haven't a clue. Also talk of light stops through 1.2930. Trying to make sense of this latest swoon been talking to a market contact.  He said there is a theory doing the rounds, that the latest successful  Spanish bond auction makes it increasingly likely Spain will continue to stall on asking for a bailout.