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Hoooooray………

That’s what I like to see, nice cosy range.  EUR/USD back down at 1.4628 from session high 1.4651. 

Phew, I was a bit worried there for a moment

Cable enjoying decent run this morning

Cable has tacked on over half a cent since I arrived, presently at 1.6405 from early 1.6350.  Leveraged names seen buying in recent trade.

Hearing corporate sell interest now lined up at 1.6410/20. Will it hold the topside?  Who knows.  But we won’t have to wait too long to find out, now will we?

EUR/USD ticks higher; sell orders, stops noted

Now don’t go spoiling it and breaking out of our cosy little range.

We’re up at 1.4648. 

Reports of sell orders clustered 1.4650/53 and a lumpy one at 1.4660.  Buy stops said to lie above there.

Whoops sorry for mistake there.

Swiss May CPI flat m/m, +0.4% y/y

In line with Reuters median forecast.

UK Halifax house price index +0.1% m/m in May

Compared to Reuters median forecast of +0.2%.

-4.2% in 3 months to May vs year ago. Compared with Reuters poll of -4.1%.

IMF rep in Greece: Greek competitiveness is improving as labour unti costs fall

• Greek banks have been resilient, have maintained adequate capitalisation
• Convinced Greece has made significant accomplishments in 2010
• Wavering political support for reforms has increased uncertainty
• Since the end of 2010 implementation of reform process has lost momentum, country at crossroads

Kinda started OK and then went downhill somewhat…….

• Privatisation is crucial, asset sales should begin without delay
• Reforms need new energy, effectiveness
• Greece’s EU partners need to speak with one voice (that would be a first)
• Greek banks should increase further capital cushions
• Does not favour sovereign restructuring scenario
• Public sector needs to exit Greek banking system, consolidation necessary
• IMF, EU will continue supporting Greece if programme fully implemented
• Stretching out Greek payment terms is reasonable to think about
• Not sure that debt restructuring process can be easily controlled
• EU summit in June needs to crack some hard nuts, then IMF will be ready to disburse further tranche

Crikey, this chap’s enjoying his moment in the spotlight.

Greek senior govt officials: Goverment not planning any austerity referendum

• Planning to cut corporate tax, VAT from 2012, will be fiscally neutral
• Expects parliament to vote on medium-term austerity plan by end June

Chinese companies embark on shopping spree in Europe

World must look like a lovely big sweet shop to the Chinese at the moment.  I’ll have two ounces of rubard and custard, half a dozen sherbert fountains and throw in a few gob stoppers will ya. Thanks very much

European central bank risks being ‘wiped out’ by bail-outs

Oh-eh missus. Who would have thunk it?

EUR/USD sees marginal recovery during Asian session

Presently up at 1.4607 from a North American close Monday down around 1.4575.

Euro zone data due today:

09;00 GMT:  Euro zone retail sales for April expected +0.3% m/m, flat y/y

10:00 GMT:  German factory orders for April expected +2.0% m/m, +9.0% y/y

Buy orders clustered down at 1.4550/60, guess stops close below there.  Sell orders 1.4650/60. Yesterday we had reports of stops through 1.4660.  I’d hazard a guess they might still be there.

Wouldn’t it be great if we just spent the rest of the week banging between 1.4550 and 1.4660?