EUR

Indeed cat,
On my personnal account,I prefer put some pending short orders on eurusd and cable

sell all rallies on eur and cable

ITS a $2.6 trillion mystery. Who Has Europes Loans?

Thats the amount that foreign banks and other financial companies have lent to public and private institutions in Greece, Spain and Portugal, three countries so mired in economic troubles that analysts and investors assume that a significant portion of that mountain of debt may never be repaid.
http://www.nytimes.com/2010/06/06/business/global/06toxic.html

Early Optimism Fades To Black

Italian unions call for general strike this month
Bernanke: Growth continues to recovery at modest pace; European leaders attacking debt problems, impact on US to be modest; warns against rising debt
US wholesales inventories rise 0.4%, sales rise 0.7% in April
S&P: Conceivable US rating could be cut; UK rating to be decided after budget
Bubas Weber: I cant understand the skepticism on euro bailout; controlled sovereign bankruptcy still should be considered
Germany rejects Opels request for state aid; Merkel wants to protect workers
World Banks Zoellick suggests debt restructuring still an alternative in Europe
Portugal passes austerity package
S&Ps Beers says Greek default, euro zone break up not inevitable
US Beige Book: Growth in all 12 districts, most say growth modest
S&P sheds 1.4% intraday gains, closes 0.6% lower
US yields end near recent lows; 2-year 0.73%, 10-yr 3.18%

EUR/USD opened firm and added to gains after fears of a European-led double-dip recession faded after overnight reports that Chinese exports rose 50% last month. Stops were triggered in the 1.2010/30 region, again above 1.2050, leading to intraday highs of 1.2075.
Prices slipped lower throughout the afternoon as optimism faded amidst comments from officials (Weber and Zoellick) that bankruptcy/restructuring remain viable alternatives for states having trouble paying debts. Also weighing was a wishy-washy response from Chancellor Merkep on the Opel situation. Her government rejected state aid but she vowed to try and secure funds from the Lander to help Opel workers. Her indecision remains a major drag on Germans prestige and on the euro.

USD/JPY and EUR/JPY were sold heavily in the afternoon as US share prices reversed to the downside and bond yield fell. Stops below 91.25 were triggered taking the buck as low as 91.06. EUR/JPY was hammered by all of the above in EUR/USD as well as the US stock slide. It popped to 100.60earlier in the day on short-covering (stops were above 110.50) but it ends the day down at 109.35, a major disappointment to the momentum-types who bought the bounce, hoping for a bottom.

EUR/GBP remains weighed down amidst a return of risk aversion. Scattered talik that BP may be forced into bankruptcy did nothing to support the cross. Cable ends in the middle of its sessions range at 1.4535.

AUD/USD edged through its 61.8% fibo of the 0.8519/0.8085 decline at 0.8353 but stalled ahead of important resistance in the 0.8365/70 area. It topped at 0.8357.

@Ashraf would rule out DDR or do you see one coming?