AUTOREFRESH 
ECB’s Bini Smaghi across the wires…cont’d
By David Horton || July 9, 2010 at 08:17 GMT
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saying there needs to be much tougher action on EU budget surveillance….will update on this
conitinued…
- do not assume there will be easy solutions; such as orderly debt restructuring or expulsion to problems
- expects Q2 to be stronger but then moderate growth and Q3 less strong
- markets will be reassured by stress tests
- bank lending starting to pick up
much of this echoing Trichet as mentioned earlier
TGIF Mate – any numbers for the order board?
Raheem, good morning !
I am afraid little showing at the moment; the euro orders have been washed out – large sellers met large buyers through the course of the 00/20 action – I am now looking at the 30/40 level as pivotal; earlier there were solid sell orders in USD/JPY which have been taken out. The market is treading very cautiously and not looking to run as in the last few days
This might explain the action in USDJPY – Option dealers highlight the impending strikes at 88.50, which could gravitate the action in the short- term, while EUR/JPY dips serve up better levels to buy as bulls eye a run into the Japanese exporter defended 113s.