EUR/USD: Major bank analysts turning slightly more bearish in short-term

I’ve read reports from 3 of the major banks in the last few hours and the themes are consistent, mild risk-off sentiment and EZ uncertainty should put more short-term pressure on the EUR. The flip side is that the market is already short and currently covering these positions against the GBP and AUD in particular.

• Spanish PM suggested that request for bailout funds was not imminent:
• Moody’s still likely to downgrade Spain:
• China’s economy continues to slowdown.

EUR/USD dipped by 15/20 pips in the first hour of European trade and I think these reports will have had much to do with that.