- Belgian FinMin Reynders: July 3 Eurogroup meeting will agree release of next tranche of loans for Greece
- German prelim retail sales for May -2.8% m/m, +2.2% y/y, demonstrably weaker than median forecasts of +0.5%, +2.3% respectively
- French May consumer spending -0.8% m/m, demonstrably weaker than median forecast of +0.9%
- German June s.a jobless -8k to 2.967 mln. Weaker than median forecast of -17k. Unemployment steady at 7.0%, as expected
- Euro zone June inflation estimated at +2.7% y/y vs median forecast of +2.8%
- Nationwide June UKhouse prices unchanged m/m, -1.1% y/y, pretty much as expected
- Trichet: Recent data confirm positive underlying momentum in euro zone economy.
- Trichet: Have seen higher than expected growth quarter after quarter in euro zone, euro has kept value
- New BOJ board member Ishida: Higher uncertainty for overseas economy than earlier this year
Cable down at 1.5990 from early 1.6105, having been as low as 1.5974 before steadying. EUR/GBP up at .9055 from early .9005, having been as high as 9068. Bundesbank were in throughout the morning buying their usual month-end EUR/GBP which certainly didn’t help sterling’s cause.
A US investment house (not the one going God’s work) was a very notable seller from around the 1.6070 area. Guess todays UK public sector workers strike didn’t really help matters.
EUR/USD down at 1.4480 from early 1.4510 in what has been pretty sluggish trade for that pairing. Asian sovereign sales seen above 1.4500. Talk of 1.4550 barrier option interest on topside, sell stops now seen through 1.4440 and 1.4410.
USD/JPY didn’t really move, now there’s a shock. We sit at 80.40.
