- ECB’s Liikanen: Euro zone economy has bottomed out
- French July industry output +0.1% m/m, weaker than median forecast of +0.5%
- French July trade deficit -1.287 bn euro, better than median forecast -3.9 bn
- Shanghai share index ends down 0.7% on profit taking
- ECB sees subdued inflation in medium-term and economy seems to be past the worst -editorial of September bulletin virtually identical to statement read by Trichet after last weeks interest rate meet.
- UK Halifax house price index +0.8% m/m in August, slightly below median forecast of +1.0%. -10.1% in 3 months to August versus year ago
- Moody’s says Ireland’s AA1 sovereign debt rating facing it’s most severe test in decades
- UK construction orders up +2% in 3 months to July versus previous 3 months, down -10% y/y
- Moody’s says Germany well placed to adjust to challenges posed by the global crisis. Says AAA rating should remain intact
The USD has made across the board gains this morning. The moves smack of general profit taking after the recent run lower in the dollar, not driven by anything in particular.
EUR/USD sits at 1.4540, down from an early 1.4575. The move lower has been gradual, pretty much a slow grind. Seems USD shorts have decided to book a few profits. Talk of sell orders up at 1.4600/10 with stops just above there.
Cable down at 1.6515 from an early 1.6560. Evident caution ahead of BOE rate decision, although feeling is that Old Lady will leaves rates, QE unchanged.
USD/JPY up marginally at 92.15 from early 92.00. Buy orders 91.50/60, large sell stops below 91.50. Sell orders 92.50/60, buy stops above 92.60.
AUD/USD down at .8555 from earlt .8605 as profits booked.
