As expected, the threat of a broad shift towards risk aversion that the market seemed to warn of this past Friday didn't find strong follow through on Monday. However, the risk appetite drive that preceeded this past week's congestion has yet to regain its footing. With the threat of a Greek failure so tangible, it is unlikely that investors will take the chance. In the meantime, downgrades from Moody's on Italy, Spain and Portugal (as well as lowered outlooks for the UK and France) have given the Euro and Pound a little more separation from the standard risk pair (like AUDUSD). This deviation is unlikely to last for long, so which will give first - European currency selling pressure or risk trends themselves?