As expected.

• Sweden’s Riksbank raises key repo rate to 0.75% from 0.5%
• French Q2 ILO jobless rate falls to 9.7%, better than median forecast of 10%
• Japan’s Ozawa:  FX intervention just by Japan may not have much effect, but should be prepared to act
• Swiss Q2 real GDP +0.9% q/q, +3.4% y/y, better than median forecasts +0.8%, +2.7% respectively
• Nationwide UK August house prices -0.9% m/m, +3.9% y/y. Much weaker than median forecasts of -0.3%, +4.9% respectively
• UK construction PMI 52.1 in August, down from 54.1 in July.  Much weaker than median forecast of 53.2
• Euro zone Q2 GDP confirmed at +1.0% q/q.  Revised up to 1.9% y/y from previous 1.7%
• Swiss retail sales +4.8% y/y in July, better than median forecast of +2.3%
• Spanish/German 10 year government bond yield spread fall to 169 bps . Lowest since August 20

Not too much going on. Sterling has had a poor morning, underminned by poor house price, construction PMI data.  Swissy on the flip side has had good morning,  underpinned by good  Q2 GDP, retail sales data.

EUR/USD firmer on day, up at 1.2825 from early 1.2790.  The pairing did suffer a bit of a swoon posting a session low 1.2777, but ready buyers emerged.  The sell-off seemed to coincide with announcement of Swedish rate hike, which saw heavy selling of the EUR/SEK cross.

Asian central bank and hedge funds notable buyers below 1.2800 this morning.  On the topside sell orders noted at 1.2830/50 and they’ve helped cap rally attempts at 1.2838 so far.

Cable down at 1.5400 from early 1.5445.  Poor UK house price/construction PMI data have weighed on sterling.  Real money buyer seen around 1.5375 low helping lend much-needed support.

EUR/GBP up at .8325 from early .8280, but sell orders noted at .8330/50 have capped topside at .8338 so far.

EUR/CHF down at 1.2980 from early 1.3015 having been as low as 1.2945 at one stage.  Swissy supported by strong GDP/retail sales data.  UK clearer notable seller in very early trade.

USD/JPY unchanged at 84.18.  Got as low as 84.01 before decent buying from a Dutch bank lent much-needed support.  The Danish bank, who has been notable buyer of late, was also said to have been in buying again.

Had to step away to take phone call past 45 mnutues or so and guess not a heck of a lot has happened.  EUR/USD sits at 1.2820, sell orders up at 1.2830/50 still hanging tough.

USD/JPY managing to hold above 84.00 so far, presently at 84.19 having been as low as 84.01.  Heard Dutch bank (not Danish this time) seen decent buyer off the lows. 

Cable meanwhile managing to hold up after post construction PMI swoon.  EUR/GBP at .8323, aforementioned sell orders up at .8330/50 managing to cap earlier rally which topped out at .8338.

Nearly home time.

Lowest since August 20.  Hooray!!!

Presently at 1.2819. Sell orders up at 1.2830/50 so far enough to cap topside.  One to tuck away; sell stops seen through 1.2750 on downside.

Up at 1.5390 from session low 1.5375 seen after crappy construction PMI data.  Source reports real money account seen buying in recent trade.

Versus 54.1 in July.  Much worse than median forecast of 53.2.

 It’s all coming apart at the seams (that’s better) I tell ya!!! I packing my bags and moving to ……..Sweden!!!

“You can dance, you can jive having the time of your life

See that girl, watch that scene, diggin’ the dancing queen”

EUR/USD back above 1.2800, presently at 1.2805.  Getting reports system funds seen buying in recent trade.  We’re not getting very far this morning, are we? Only another 4 hours to go before home time.   4 hours!!!

• Govt still discussing either gradual wind-down or good bank/bad bank split with EC

Presently at 8310 from early .8280.  Talk sell orders clustered up at .8330/50.

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