- Euro zone January flash composite PMI 56.3, up from 55.5 in December and better than median forecast of 55.2
- Euro zone November industrial orders +2.1% m/m, +19.9% y/y versus median forecasts +2.0%, +17.1% respectively
- France’s Sarkozy: Favours a financial transaction tax
- Appeasement is the proper policy towards Confucian China – AEP at The Telegraph
- State’s credibility rests on passage of Finance Bill – Irish Independent
- EU Commission: Important that Ireland passes Finance Bill soon
- Double dip talk returns as UK economic growth slows – Telegraph
Not too much going on when all said and done. Market happy to ease itself into the new week.
EUR/USD down at 1.3560 from early 1.3595, but has recovered from session low 1.3540. BIS sold around 1.3580 helping pressure pairing. Well documented buy orders in 1.3550/70 area soaked up selling pressure for a long while. Eventually UK clearer, executing decent-sized corporate order, pushed pairing to session low only for renewed buying to spring up immediately. Asian sovereigns still being seen on dips.
Cable slightly easier on the day, down at 1.5950 from early 1.5965. UK clearer notable seller early. Stops tripped through 1.5940 on way to session low 1.5922 before recovery. Asian sovereign buying noted this morning.
More stops seen through 1.5910.
USD/JPY marginally firmer at 82.9o from early 82.75. Real money seen buying this morning. Japanese exporter sell orders up at 83.00 so far providing cap.
USD/CHF sits at .9580, fractionally easier from early .9590. Talk of stops through .9560. EUR/CHF down at 1.2990 from early 1.3040. Talk of stops gathering down at 1.2970/75. Also talk of sizeable 1.3000 expiry later today.
