The only positive we can take away from todays session was that the euro didnt set a lower low. We spoke yesterday about a possible bottom at 1.2250 - well see if this is confirmed through the next 24 hours (updated: set a lower low). Europe is still in the headlines and politicians are pulling all the tricks out of the bag to give the markets confidence and a sense of stability. Reported earlier, the German Finance Ministry confirmed the ban on short selling on 10 German financial companies as well as naked sales of CDS on EURO Government bonds and Euro derivatives that do not serve the purpose of hedging forex risk. Also out earlier, notable Economist Roubini said that it is not unlikely that the EZ will experience a double dip recession as well as the possibility of the EMU breakup. This has taken a toll on the euro which is now trading at a fresh low of 1.2210 (at the time of this update). With more data out this week and continuation of uncertainty, well be focusing on shorter term, news related trades. Please check the schedule for the sessions.

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