The euro (EUR) recorded losses against most of its major counterparts as Moody’s intention to downgrade several global investment banks leaked earlier in the day. Late into the US session, the Spanish banks stress test showed that the sector needs about EUR 60 billion of capital, a figure well below the EUR 100 billion discussed in previous weeks. The Eurozone finance ministers meeting held yesterday was completed without any agreement on any major issue. The big challenge on how to manage the sensitive European Stability Mechanism (ESM) seniority issue was not settled, and a resolution will now be postponed until the next EU summit on June 28-29. Versus the US dollar (USD), the single currency dropped to 1.2549 from 1.2679. In a humorous twist of events, Greece will clash with Germany tonight, this time on the football pitch for the Euro 2012 quarter finals.

The US dollar (USD) appeared stronger versus a basket of currencies as risk appetite retreated from the markets. US economic data calendar today is lackluster and markets participants are expected to focus on broader macroeconomic issues. Versus the Japanese yen (JPY), the greenback rose to 80.04 from 79.42.

Oil prices plunged to 78.08 from 80.75 dollars a barrel. Gold (XAU) dived to 1568.00 from 1604.03 US dollars an ounce. Against the euro, gold dropped to 1249.01 from 1265.11 euro an ounce. Silver (XAG) moved down to 26.9850 from 27.9735 dollars an ounce. Stay in tune throughout the day with foreign exchange bullets!

Equities	EUROPE				US				ASIA3
	FTSE 100	-0.99%			S&P 500	-2.23%			NIKKEI	-0.23%
	DAX	-0.77%			DJIA	-1.96%			HIS	-1.11%
	CAC	-0.39%			NASDAQ	-2.44%			CSI 300	-1.58%