European morning wrap: We ain’t accomplishing much here

Author: Gerry Davies | Category: Central Banks

Very little net change this morning on the major spots and crosses. 

EUR/USD down at 1.3610 from early 1.3625,  the pairing having given up early gains which stretched to 1.3678.  An early rally (no doubt in anticipation of German yes vote) was extended by better than expected German jobless data, which helped trip stops through 1.3650 (or 1.3655 depending on who you talked to)

Notorious (so unfair) US investment bank  and UK clearer with strong far eastern ties were seen selling around the highs.  One source opined that they thought China could have been behind some of the selling, but we never did get direct confirmation.

German parliament duly voted in favour of enhancing euro zone’s bailout fund, but the news did little to help the single currency.  Rather what we got was a classic “buy the rumour, sell the fact price action” as EUR/USD added to its losses.

Cable sits at 1.5640, effectively unchanged on the day.

USD/JPY sits at 76.60, effectively unchanged on the day.

USD/CHF sits at .8960, effectively unchanged on the day.

Kinda gives one the general picture.  Busy going nowhere fast at the moment.

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