More from Merkel: Decision to avoid fines for Portugal and Spain doesn't mean Stability Pact doesn't apply

German chancellor Merkel still up to the rostrum somewhere 28 July

Merkel referring to the decision by the EU not to fine Portugal and Spain for deficits.

• TTIP trade deal is important, right, and in Europe's interests

TTIP is the on-going Transatlantic Trade and Investment Partnership free trade deal between US and EU ( now minus the UK ).

Meanwhile USD still finding some buyers with cable at 1.3158, EURUSD 1.1081 while AUDUSD still holding its own at 0.7525 as the large option expiries dominate the landscape.