FX Update - EUR/USD

A German house lifted EUR/USD in to 1.39 on two waves of buying interest, but the pair was unable to overcome standing offers above and is currently changing hands close to 1.3870. US equities have struggled today, which has also sapped market momentum, but equally dollar buying interest is limited after news of S&P action on 22 U.S. banks, which included a negative outlook on Fifth Third Bancorp and a downgrade on Wells Fargo.

Earlier on in the session a prominent US name increased its short position on EUR/USD, but the pair has seen limited downside since an Asian name lifted the pair out of 1.3750 on Tuesday and caught the market short in the process. The same name was a heavy seller of overnight 1.3700 EUR puts.