The Euro has sold off in the last hour, with vague market talk of an Austrian sovereign debt downgrade, the pair traded a shade above 1.23 early this morning but is now at session lows just above 1.223. With it we have seen a sell off in risk assets, with equities pretty much unchanged on the session having been around 0.5% better. Volumes remain extremely light ahead of some key earnings and the second day of Bernanke’s bi-annual update.

Posted by Philip Ball | Sales and Trading