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Concepts’ Taylor likes risk, for now

John Taylor of FX Concepts tells Bloomberg that he likes risk trades for a punt as European leaders will kick the can down the road at tomorrow’s summit but for the long haul, he sees a very deep recession. A recession deeper than 2008. He likes the dollar under that scenario (as the 2008 episode amply illustrated. De-risking boosts the dollar like a Roman candle).

Gawd, I hope he’s wrong…

EUR/USD has firmed, as has cable and AUD after the comments. EUR’S at 1.4210 in choppy trade.

It’s all gone very quiet

We’re pretty much trading from headline to headline with little conviction late in the European day.

The status quo remains: Europe continues to try and hash out a rescue plan for Greece with a shelf-life longer than a container of yogurt while the US tries to break an implacable budget impasse.

EUR/USD quiet at 1.4200.

Canada releases monetary policy report

Details are here.

• Growth in major advanced economies is
modest, while the robust expansions in
emerging economies continue.
• In Canada, the economic expansion is proceeding
largely as projected, although the
expected rotation of demand is somewhat
slower than had been anticipated.
• The Canadian economy is projected to
expand by 2.8 per cent in 2011, 2.6 per cent
in 2012 and 2.1 per cent in 2013, returning to
capacity in the middle of 2012.
• Total CPI inflation is expected to return to the
2 per cent target by the middle of 2012.
• On 31 May and 19 July, the Bank maintained
the target for the overnight rate at 1 per cent.

A press conference is scheduled for 15:15 GMT.

IEA redy to spit into the wind again

CNBC reports that the IEA is ready to release more oil into the market.

Why not? the first release was soooo successful…

Platts, the oil analysts are the source of the report, CNBC says.

WTI is now at $98.18, up 0.68 on the day but below $99.00 highs earlier.

Bini-Smaghi: Greek restructuring would be a disaster

• Leaders must find solution soon
• Government should bury private sector involvement plans
• Any form of restructuring more expensive than aid
• EFSF should be able to purchase bonds

EUR/USD easier again, now at 1.4170.

Consulting shop rehashes ESFS options

Traders are blaming a report from a NY consulting shop which rehashes the details of the “comprehensive ” debt deal being discussed for Greece, using the EFSF to buy bonds.

Not exactly news that, and as we heard earlier this morning, Germany is still a hold-out.

EUR/USD is fading already, now at 1.4185.

Fitch affirms Finland at AAA; outlook stable

Some good news on the ratings front for the euro zone for a change.

Can’t keep a good euro down…

Back above 1.4200 after a dip to the low 1.4170s…Blame the Panda. He’s been a dip buyer all morning…

Existing home sales fall 0.8% in June

There is a 9.5 months supply of homes on the market. The annual rate was 4.77 mln units.

Euro lower on leveraged selling

Steady selling from the  leveraged brigade (hedge funds) over the last 15 mins pushing EUR/USD towards next layer of bids towards 1.4170/75 ahead of stops at 1.4155.

Euro’s at 1.4183