- Merkel partner CSU would back Greece euro exit, Rheinische says
- Finland parliament approves Spanish bank bailout deal
- Dolphins recruited to top banking jobs
- Poll points to Germans getting fed up bailing everyone out
- Spanish 10 year govt bond yield up 8 bps at 7.11%
- German June PPI -0.4% m/m, +1.6% y/y, weaker than median forecasts -0.2%, +1.8% respectively
- UK June PSNB 12.083 bln, worse than median forecast 11.0 bln
- China’s dilema – where to park all those funds – Sydney Morning Herald
- IMF loses all faith in the euro project - AEP at The Telegraph
- Spain debt crisis returns as Germany nears bailout fatigue – AEP at The Telegraph
- ECB sees less risk in changing course – WSJ
The single currency has given up some ground this morning as euro zone periphery bond yields have firmed further. The market also saw some reaction to the Rheinische Post story (see first headline)
EUR/USD down at 1.2230 from early 1.2260, having been as low as 1.2227 after sell stops tripped quickly through both 1.2240 and 1.2230. Buy orders seen clustered 1,2200/10, more sell stops below there.
USD/JPY down 10 pips at 78.50. EUR/JPY down at 96.03 from early 96.35. Talk of barrier option interest at 96.00.
Cable hardly changed, down 5 pips at 1.5697 from the 1.5702 which greeted me. EUR/GBP down at 7790 from early .7804.
