Major overnight headlines:
• EU fails to agree on bank bailout rules as late Friday negotiations break down, FT
• Wolfgang Münchau questions solvency of German banking sector, citing banks’ non-German EMU claims, FT
• Central banks cannot expand loose policy without exacerbating risks, BIS says
• German IFO Business Climate Index rises to 105.9 in June, in-line with expectations
• Italian consumer confidence rises to 95.7 in June from 86.4 previously, 86.2 expected
• RBA’s Guy Debelle named chairman of BIS Markets Committee, Bloomberg
• Italian consumer confidence rises to 95.7 in June, highest since early 2012
Read the full report: FX Daily
BMO