- Japan ruling DPJ party election platform: Pledges measures to combat yen strength
- Commerzbank head of rates strategy: Commerzbank ends trade recommendation to buy Greek bonds. Greek buyback rally should have run its course. Sees investors keen to cut Greek bond exposure
- German Conservative lawmaker Hasselfeldt: There is no legal possibility for future new debt haircut for Greece
- PIMCO’s Amey: Sees good chance UK will lose AAA rating
- BOE’s King: May be unreasonable to expect anything other than slow protracted recovery
- More King: BOE staff take more upbeat view on China economy than I do
- BOE’s Weale: Must be some risk that economic stagnation will continue
- Fed’s Fisher: Fed must soon decide when to end accomodative policy
- More Fisher
- Italy’s Eco/Fin Min Grilli: Italy doesn’t need aid due to measures already taken. But country must continue on path of economic reforms
- Lawmaker: German parliamentary vote on Greece planned for Thursday
- OECD GDP 2013 forecasts
- German October import prices -0.6% m/m, +1.5% y/y, weaker than Reuter’s median forecasts of -0.3%, +1.8% respectively
- UBS Swiss consumption indicator 1.31, up from 1.04 in September
- French November consumer sentiment index 84.0, unchanged from October
- UK Q3 GDP unrevised +1.0% q/q, revised to -0.1% y/y from previous flat
- German FinMin Schaeuble points to further writedown of Greek debr from 2016 – ekathimerini
The single currency has given back some of its’ recent gains this morning, but so far I’d characterise the losses as marginal.
EUR/USD down at 1.2945 from early 1.2985, having been as low as 1.2935. Asian central bank selling was noted early. Hawkish comments from Fed’s Fisher (see above) added further weight with Swiss names offloading decent amounts. A U.S. name eventually stepped in buying aggressively circa 1.2940 helping steady the ship.
All in all , it only really looks like (to me anyways) a paring of long possies taken out ahead of the expected Greek debt/aid deal. You know one of those buy the rumour, sell the fact price actions. I guess if we get below 1.2900 I might have to reassess
USD/JPY touch easier at 82.05 from early 82.15.
Cable effectively unchanged at 1.6030. Personally think that’s a decent result given some dour words from Merve the Swerve and PIMCO geezer opining that he sees good chance UK will lose AAA rating (I wonder if he’s French?)
AUD/USD also effectively unchanged at 1.0480. Talk of 1.0500 barrier option interest in place.
