Eur/usd - 1.2542 ... Former Fed Chairman Paul Volcker said he was concerned that the euro area may break up after the Greek fiscal crisis that sparked an unprecedented bailout by the region's members. ECB's Trichet has chosen the German press to insist that the ECB is not going down the path of debt monetisation, though that cannot disguise the fact the ECB is assuming 'junk' grade sovereign credit risk on its balance sheet. Despite early brief drop to 1.2516, defensive bids abv 1.2500 option barrier lifted price to 1.2561, however, renewed selling are tipped at 1.2590/00, 1.2650 n further out at 1.2680. On the downside, stops below 1.2500 n 1.2450 option barriers are in focus.
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