Markets brace for stress tests

Geoffrey Yu, a strategist at UBS in London said that, while foreign exchange positioning was neutral ahead of results, which were due at 5pm BST, funding markets were more cautious. “While sovereign spreads are stable, they are still at elevated levels. Correlations show the euro is still very much a risk currency,” said Yu. “A negative reaction to the results in any asset class could have negative consequences for the currency.”

The Committee of European Banking Supervisors was due to publish

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