EUR Tumbles To Lows On Report Merkel Rejects Raising Upper Limit On ESM Bailout Mechanism

Tyler Durden's picture

Having surged on earlier speculation that the Fed may hint at QE3, and follow up reports from RanSquawk that the Straits of Hormuz are either closed or in process of doing so, it is now time for the roundtrip, after Reuters just reported that hopes of EFSF-like expansion for the ESM have been dashed.

  • MERKEL REJECTS RAISING UPPER LIMITS OF FUNDING FOR ESM BAILOUT MECHANISM -SOURCES IN RULING COALITION - RTRS

Summary: Risk On -> Risk Off