- EU ministers to grant Spain one additional year, until 2014, to meet 3% deficit target – EU diplomats (Reuters)
- Eurozone July sentix investor confidence indicator falls to -29.6 from -28.9 in June, some way weaker than Reuter’s consensus of -26.7
- French Pres Hollande: Debt servicing leaves France vulnerable
- Fed’s Evans: Fed should take stronger steps to ease policy, preferably by buying mortgage-backed securities – Reuters
- ECB’s Nowotny: ECB rate cut answer to worse economic outlook
- Swiss adjusted June jobless 2.9%, better than median forecast of 3.2%
- German May adjusted trade surplus 15 bln euros, slightly weaker than Reuter’s median forecast of 15.4 bln
- Bank of France June business climate indicator for industrial sector falls to 91 from 92 in May
- Magnitude 5.8 earthquake hits Russia. Near Poronaysk according to USGS
- Italy will shrink by 2% this year, says central bank governor Ignazio Visco - Telegraph
- Roubini Bloomberg interview: 2013 global perfect storm may surpass 2008 crisis
- How Germans feel about more European bailouts - Spiegel online survey via zerohedge
- Merkel wrestles with court over Europe’s future - Der Spiegel
- Chinese Premier urges action to spur economy – New York Times
The reason for the headline (lyrics from big Vapors’ hit) is that the European morning trading session has now become as boring as the Tokyo trading session. And that takes some doing!!
EUR/USD sits at 1.2284 bid, 1 pip different from the 1.2285 bid that greeted me first thing
Early reports had sell orders clustered up at 1.2300/10 and a fledgling rally attempt duly fizzled out at 1.2308. Then as Spanish and Italian government bond yields continued their sojourn higher, so the single currency gave back its’ paltry gains.
We’ve had a rumour ECB has been in checking prices in periphery bonds. Whatever……….
USD/JPY effectively unchanged at 79.60.
USD/CHF effectively unchanged at .9775.
Cable 5 pips firmer at 1.5495.
