Sarkozy says he is not in favor of a weak euro, according to a wire service headline.

That’s a bit of a change of heart for the French president who was anything but shy about talking down the euro when it was near the 1.50 level. Greece’s near-death experience appears to have opened his eyes to the risks of a collapse in currency rates…

This area in the mid-1.30s is pretty neutral territory. Hard to see any of the central banks being upset with present EUR/USD exchange rates…

EUR/USD is ignoring the comments, trading at 1.3655.

Obama’s trade speech is hitting the wires. He says he wants US companies to have a level playing field on trade that give workers a “fair shake”. He says China moving to a market-oriented exchange rate would make an essential contribution to the global economy.

All that is well and good, but the question is what will he do level the playing field? His administration has shown willingness to pursue mildly protectionist tendencies. A move toward greater protectionism is a major risk going forward, especially if  China retaliates via the financial markets.

US equities are rebounding, now down 0.2% i the day, helping give “risk” trades a lift. EUR/USD has bounded 30 pips to the low 1.3660s.

US equities are losing ground in early trade, down near 0.6%. Gold sits just above the $1100 level and oil is a half-buck lower on the day at $81.60.

AUD/USD is near its lows and EUR/USD trades heavy in the 1.3630s. Looks like the market has slipped its collective brain into neutral and is trading the “risk on/risk-off” game again.

EUR/USD stops are seen below 1.3620 and Cable stops are around 1.4985.

The cash markets are opening slightly lower, down about 0.2%. The futures implied a weaker open than we have seen…Fear of tighter Chinese monetary policy is the latest cause for concern…

We continue to struggle below the 1150 level in the S&P; volume remains anemic as well…

EUR/USD is consolidating in the lower end of its range but is busy going no where fast at the moment…We trade at 1.3639.

Not sure if it is a coincidence or not, but traders report a Swiss private bank was a heavy seller as EUR/USD tumbled after the comments from the Dutch PM. The Swiss name is highly respected as when he enters the market, he usually has substantial business to do…

Crossing the wires now is a report from S&P which says the dollar is still the world’s top reserve currency.

1.3620 is support for EUR/USD on dips; trailing stop-loss sell orders lie below that level.

Now that the dollar is getting a lift from the comments from the Duh PM saying that the Greeks should consider going to the IMF, Cable is pulling back sharply. Traders report buy orders at the 1.5000 level. We trade now at 1.5014.

Regarding the Greece/California comparisons constantly made in the market, a California budget official says that California’s deficit to GDP ratio is below 5%. Greece is close to 13%…

EUR/USD has broken through the hourly resistance line on the short-term charts, drawn off the 1.3736, 1.3705 and 1.3680 highs. Resistance is scattered up at 1.3693, 1.3705 and 1.3736 on the way up, so it isn’t likely to be a straight shot higher.

Just crossing the wires, Dutch PM Balkenede says that the IMF must be considered a possibility for Greece. That will be taken as bearish by the market, essentially admitting the EU is not up to the job…

Claims are spot-on while the trade deficit is a good bit smaller than expected.

Finally, some meaty economic data, at long last…

Meanwhile, traders report the BIS is seen bidding for EUR/USD on dips to the 1.3655 level.

This one’s for ZZ.  If it ever gets to 1.3800 I want 5% of your profits.

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