Slumber for the last couple of hours

EUR and AUD appear to be unwinding oversold technical readings but it seems it is more to do with time rather than price. I would not get too excited – there is no magic bullet to save Italy. Their T-bill auction later today will be interesting and rather expensive I guess. Asian equities are all hard down – HK 4.5%, Korea 3.5%, Japan and Australia 2.7%. US equity futures are flat so that a positive !