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Currency Monitor 2012-05-29

May 29, 2012
  • EUR remains under pressure as Spain's banking crisis overshadows Greek election
  • PM Rajoy calls for the ESM to directly recapitalise banks as Spain looks to shore up Bankia with debt rather than cash
  • Spain's bond spread with Germany reaches a record, while yields approach bailout levels
  • Commodity currencies struggle, with key China data not till the end of the week
  • GBP may return to favour as a haven as BOE comments suggest more QE isn't that close
  • YEN stays on 79 as minutes show BOJ say more easing isn't "automatic"; EUR/JPY slips through 100.