Sits at 1.4040, down from North American close Tuesday up around 1.4100.
Risk switch has been flipped to off. That thing is getting so much use it’s going to wear out. Somewhat ridiculous. On, off, on ,off, on off, sheesh.
Guess I have to come up with some reasons for turnaround. I’ll try couple of WSJ articles entitled “Europe debt dispute intensifies”; “Banks (US) face $17 bln suits over foreclosures”; further comments from Juncker in favour of Greek reprofiling and spurious rumour Greece will hold snap election (subsequently denied.) Others could no doubt come up with other reasons, but to be honest I couldn’t give a monkeys.
Euro zone data due today:
06:00 GMT: German Gfk consumer confidence for June expected 5.6 from 5.7
08:00 GMT: Italian retail sales for March expected -0.1% m/m, -0.6% y/y
European stocks look set to open lower in line with the new risk off backdrop. DAX seen off around -1.0%, CAC 40 around-1.1%
Levels of interest on downside for EUR/USD 1.4000 (psychological); 1.3986 (100 day moving average) and 1.3968 (May 23rd low)
