Dow Jones headline. Not so sure the sell-off is all that curious, but the extent and speed of it is certainly somewhat surprising. It has the market participants I’ve spoken to scratching their heads somewhat and to be honest I can’t see an obvious strong trigger for the accelerated euro losses. Best I can come up with is comments from Spain’s Treasury Minister, that at current borrowing costs market door not opened to Spain and the reiteration that it’s technically impossible to rescue Spain. The move is obviously being exacerbated by extremely thin market conditions with UK out on bank holiday. (full story)