Eoin Treacy's view EUR 3-month Libor - Eurozone 3-month yields - this spread continues to expand and is now testing the 100 basis point level, reflecting the premium demanded by Eurozone banks to lend to each other.

DJ Euro Stoxx Banks - continues to accelerate lower and the short-term progression of lower rally highs will need to be broken, with a sustained move above 120, to question the consistency of the decline.

Dow Jones Industrials - The number of days where stock market indices move 3 or 4% in either direction have become more the norm than the exception over the last month. In such a volatile environment it is easy to become bullish at the upper side of the short-term range and bearish at the lower side.

If we stick to the chart facts, the Dow Jones Industrials hit a near-term low in early August, ranged with a relatively mild upward bias, but encountered resistance in the region of the 200-day MA two weeks ago and broke the short-term progression of higher reaction lows on Friday. This raises potential for a retest of the lows near 10,600. A sustained move above 11,700 is now the minimum requirement to begin to indicate demand is returning to medium-term dominance.

Asian Dollar Index - breaks the progression of higher reaction lows as it pulls back to test potential support in the region of the 200-day MA. A clear upward dynamic will be required to signal a return of the demand in this area and to question current scope for additional downside.