Good Morning. As a quick follow up from last night’s post, the Swiss National Bank in its operations this morning signaled no further desire to push rates still lower, acting instead to stabilize the current rates, which in the 3-month area are now around -51 basis points. Euronerves have been shaken by reports that German Finance Minister Schaeuble, in a letter to legislators, stated that the European Financial Stability Fund will not be increased from its present level (EUR 440 bn) calling into question Germany’s willingness to spend any additional funds to aid Italy, Spain, et al in case of need. Central banks continue to buy Sterling and Scandinavian currencies. Market players have expressed some concerns about the intentions of the Japanese authorities, with stealth intervention rumored ahead of the presumed “line in the sand” at 76.25. Best of luck today.