Light says the ECB’s bank balance sheet test concluded in better than expected results. Although the credibility of the test has been questioned by some, he points out that the strong manufacturing data out of the Eurozone last week, most notably in Germany, is likely to result in a firmer EUR this week. Light recommends pairing it against the safe haven Japaense Yen which weakened last week. Now that the gap has closed he expects EURJPY to 'kick on higher' throughout the rest of the week.