- IMF’s Lagarde: Global outlook in recent months more worrying. New global forecast will be lower than last one
- More Lagarde: ECB deposit rate cut important to activate interbank market
- Spanish/German 10 year govt bond yield spread widens out to 555 bps, up 16 bps on day and highest since June 19th
- US Secretary of State Clinton: Russia and China must pay a price for supporting the Assad regime
- ECB’s Asmussen: There’s limits to what the ECB can do
- Germany’s FDP lawmaker Bruederle: ECB must avoid stoking bubble
- SNB June fx reserves rise to 364.9 bln francs from 305.9 bln in May. SNB says increase in fx reserves largely due to forex purchases to protect peg
- Swiss June CPI -0.3% m/m, -1.1% y/y, slightly weaker than median forecasts -0.2%, -1.0% respectively
- UK June producer out prices -0.4% m/m, +2.3% y/y, lowest since October 2009. Cheaper crude oil prices impacting
- Greek April credit growth -3.4% y/y, down from -2.3% in March
- 10 signs of economic trouble that China’s official data won’t tell
Yesterday European traders spent most of the morning session sitting on their hands, awaiting the outcome of the Bank of England and European Central Bank deliberations.
Today, they’ve spent most of the morning sitting on their hands awaiting this afternoon’s US jobs report. Makes for frustratingly boring fare.
EUR/USD sits at 1.2374, that’s 4 pips easier than the 1.2378 which greeted me. Inbetween we had a half-hearted rally attempt which peeked everso briefly over 1.2400 (session high 1.2401)
Then against the backdrop of firm Spanish and Italian bond yields we’ve drifted slowly lower again. Whoa, whoa and thrice whoa…….
Sell stops seen through 1.2350 and 1.2320.
USD/JPY sits at 79.90, exactly where it was when I arrived.
Roll on the weekend……………………..
