- Merkel shifting crisis management to ECB, opposition tells Welt
- Spain Treasury Chief: Won’t request debt-buying fund help
- German govt spokesman: Germany remains opposed to euro bonds or other collectivised debt
- Eurozone July business confidence -1.27 from -0.95 in June, weaker than median forecast of -1.09
- Germany should mull lawsuit against ECB, FDP’s Hahn tells Welt
- German FinMin spokeswoman: Schaeuble-Geithner meeting came at US request. Press briefing cancelled due to Geithner time constraints
- Spanish prelim Q2 GDP -0.4% q/q from -0.3% in Q1, as expected
- UK June mortgage approvals 44,192, down from 50,544 in May and demonstrably weaker than median forecast of 49,000. Worst number since December 2010
- UK July CBI retailers order index falls to 5 from 23 in June. Retail sales balance falls to 11 from 42 in June (blame it on the weather)
- Former World Bank Pres Zoellick: Europe to muddle through for years ‘at best’
Another very quiet Monday on global forex markets. EUR/USD sits at 1.2275, a whole 10 pips below where we started. Buy orders noted clustered down at 1.2250/60 have so far held the downside, session low 1.2253.
Talk of sell stops through 1.2240. Sell orders clustered 1.2300/10.
USD/JPY down marginally at 78.20 from early 78.35. Buy orders seen clustered 78.00/10 (including semi official interest), sell stops though 77.90 and more through 77.75.
AUD/USD up at 1.0495 from early 1.0460, but well-documented barrier option interest at psychological 1.0500 remains intact……just.
Cable off 10 pips from when I arrived, presently at 1.5705.
You know it’s been quiet when cable only manages a net 10 pip change.
