- Japan authorities to deport Chinese activists arrested after landing on disputed islands – Kyodo
- UK July retail sales +0.3% m/m, +2.8% y/y, stronger than median forecasts -0.1%, +1.4% respectively
- Global gold demand falls 7% in Q2 TO 990 T, lowest in more than 2 years – World Gold Council
- Dutch July adj unemployment 6.5%, up from 6.3% in June
- Eurozone July inflation -0.5% m/m, +2.4% y/y, in line with median forecasts
- Swiss ZEW investor sentiment -33.3 in August, improvement from the -42.5 in July
- German politicians voice ECB concern, demand reform - Dow Jones
- ‘The global economy has sunk deeper into the twilight zone’ - Morgan Stanley
It’s going from bad to worse. Little meaningful movement to be had in the forex markets once again this morning. Guess cable was the star in the volatility stakes, which isn’t really saying much.
Cable up marginally at 1.5695 from early 1.5665. Inbetween we did see a swoon to 1.5636 session low ahead of the retail sales release, with major Swiss name reportedly decent seller.
Asian central bank was a notable buyer around the lows and got rewarded by the subsequent release of better than expected retail sales (see above), which saw cable trade fleetingly over 1.5700.
USD/JPY down very marginally at 79.18 from early 79.30. More buy stops said to be gathering through 79.50. Trailing sell stops reportedly lying through 78.75 and more through 78.50.
EUR/USD is a whole 7 pips lower from the 1.2278 which greeted me. Says it all really.
