- SNB quarterly bulletin: Will enforce franc cap with ‘utmost determination’
- ECB’s Knot: Greek default can not be ruled out
- ECB’s Coene: If data in October shows that things are worse than expected, ECB will look at decisions they have to take – Bloomberg
- Moody’s downgrades the ratings of Greek banks
- Greek FinMin told lawmakers sees three scenarios – Media report
- Greek Finance Ministry: Focusing on July 21 deal. All other rumours, conversations, scenarios are distracting from main goal
- Germany has 5 trillion euros of hidden debt, Handelsblatt says – Bloomberg
- EU Commission: 420 bln euros of capital has been injected into European banks since 2008. Recapitalisation is continuing
- Dep Russian FinMin: Dollar remains the best available reserve currency
- Talk Bank of Korea may have sold at least $4 bln to support won Friday
- French consumer confidence falls to 80 in September, weaker than median forecast of 84
- French manufacturing industry morale for September falls to 99, weaker than median forecast of 102
- UK mortgage approvals for home purchase 35,226 in August. Up from 33,734 in July and highest number since May 2010
We had a brief reprieve from the mayhem, but brief it was. European stocks came charging out of the gates and tacked on further gains before doing a nasty about turn and giving up the gains and more. Precious metals, commodities continue to head south, oil off around 3 bucks. Gold is off 35 bucks from when I got in.
EUR/USD opened around 1.3510 and made it to 1.3559 on the back of improving stocks, before then following them lower, presently at 1.3455.
Cable has fared pretty well given the general risk off backdrop elsewhere. Sits up at 1.5425 from early 1.5395, having been as high as 1.5470 at one stage. Strong Benelux buyer seen early. Sell orders now reported clustered up at 1.5485 through 1.5505. Buy stops through 1.5510.
USD/JPY marginally easier at 76.20 from early 76.35. Risk off backdrop curtailing topside, intervention wariness the downside. Result: impasse.
AUD/USD down at .9750 from early .9785, USD/CAD up at 1.0325 from early 1.0265, as precious metals/commodities continue under the cosh.
