AUTOREFRESH 
ForexLive European Wrap – Beat the asian ranges in a lethargic market
A brief couple of very early attempts at the Eur/Usd topside fizzled out, profit taking drift followed and then lethargy set in…it’s been one of those weeks in Europe…the action has been on Jamie’s watch !
- German June Final CPI as expected +0.10% m/m
- UK austerity drive threatens to snuff out recovery, IMF warns
- French May Industrial Production +1.7% vs exp +0.4%
- IMF Chief Economist Warns Changes by PBOC Foreign Reserves Composition Must Be slow
- China Yuan De-peg Avoids the ‘Manipulator’ Moniker - full US Currency report out
- Italian May Industrial Production Rises 0.10% MoM
- Trichet speaks ! and Bini Smaghi and Tumpel-Guggerell join in….
- BP are alive and well..at least for the moment
- UK Data all looked reasonable but not a market mood to take notice of PPI and Trade Balance
- UK’s first PPI drop in 18 months drew the following comment from Bloomberg
- Surprise Canadian employment numbers echo the Australian effect of a few days ago causing the Loonie to spike
The last half hour gave us an unexpected lift in the action with Canadian employment coming in sveral times higher than expectation; the USD/CAD now trades at 1.0330 after an earlier range of 1.0390/1.0455
The story of the day was an early attempt to break higher in the EUR/USD but this petered out and the market has largely ranged in 60/70 pip ranges (Asia saw 35-40 pips!)
EUR/USD trades at 1.2670 ( 1.2661 – 1.2723) ; EUR/JPY 112.22 ( 111.95 – 112.67 )
EUR/GBP looked to threaten each side earlier with a little Cable action after the UK PPI…range 0.8332/0.8386
Cable tried to lead a pathetic charge to 1.5206 and soon settled arounf 1.5260 where it currently resides …the low was 1.5131
AUD drifted around in a 50 point range and perked up a short while ago with the Loonie move…now at 0.8768
One loser on the day was the CHF against the EUR which trades at 1.3345; USD/CHF was bid gently most of the day…1.0487/1.0571 giving a high EUR/CHF 1.3400 after 1.3306 low early in the day
Gold traded quietly and currently trades 1198.50 which it was five hours ago ! and so is Oil…..75.12 for Brent Crude
Stock Markets similarly quiet…..now eyes are on the usual suspect for the week …..the S&P….I suspect the US may well end the week quietly…we shall see…
Thank you for a grand week!
Who’s off for a jolly next?
I’ll be around for a few more weeks before a break…with any luck Gerry will be be back next week, so long as BT gets his broadband in place….
And Sean is going to work ceaselessly after the January’s break
Oh dear, Jamie … Gerry will be sooo sorry if they don’t