- Greek 5 year credit default swaps rise to a new record high of 1600 bps
- Italy April industry output +1.0% m/m, stronger than median forecast of +0.1%. March was revised up as well, to +0.7% from initial +0.4%.
- German Finance Minister Schaueble says sees upward trend of prices in Germany, but sees no reason to evoke danger of inflation
- UK economist Bootle- No need for UK economy ‘Plan B’ but let’s suspend the foreign aid budget
- China lending tumbles, signals slowing economy..
- WSJ’s Justin Lahart -What it would take to do a double dip
EUR/USD taken higher as Europe opened on US investment house buying, but ran into euro-yen sales, and euro-dollar offers out of Asia around 1.4370/80. Buy orders seen clustered 1.4320 and 1.4300. Range 1.4325-70.
USD/JPY slipped in Europe on EUR/JPY US hedge fund sales. Range 80.31-50.. EUR/JPY traded 115.10-54.
GBP/USD tracked euro higher taking out stops through 1.6250 with a high around 1.6290. Cable buy orders now seen clustered down around 1.6250.
NZD/USD, still reeling from the sell -off in Asia following the quake news with model accounts rubbing salt into the wounds in Europe, selling the bounce to 0.8155 to a low of 0.8116.
AUS/USD tagged along with the euro rise, getting help from AUD/NZD rising to 1.3000 as the hangover from further quakes in Christchurch weighed down the Kiwi. Range this morning 1.0545-81
EUR/CHF posted a new lifetime low of 1.2051 in Asia and came under renewed pressure in London, with street talk of a lot of overnight 1.2000 puts being bought. Europe now targetting barrier option interest at 1.2000 with some hefty protection ahead of it .Europe ranged 1.2004-1.2139
Gold and WTI Crude both slipped further in Europe with the metal down to $1523.65 from $1531 and Nymex Crude down to $98 from earlier highs of $99.20.
