ESM’s Regling: Instruments of ESM are same as of EFSF, country programme loans, precautionary interventions and bank recapitalisation via country treasuries

• Expects ESM will be able to use leveraging of first loss guarantee, hasn’t happened so far (good, gives me time to go find out what it means)

EUR/USD sits at 1.2966 in crap, holiday-effected trade.

Sell stops seen through 1.2930, buy stops through 1.2980.

I’m hoping we stay between the two levels for next hour or so and then I’ll be off