- EU ministers fail to reach deal on bank capital rules - Bloomberg
- China Vice Premier: China continues to support stability of euro, economic recovery in region
- Buba’s Dombret: EU must not delay legislative proposal of international financial standards
- China’s PBOC: US, China agree exchange rates should be determined by market
- Spanish auction results
- French auction results
- UK Nationwide April house price data -0.2% m/m, -0.9% y/y, demonstrably weaker than median forecasts of +0.4%, -0.3% respectively. Nationwide expect house prices to be flat, or “modestly” lower over next 12 months
- UK April services PMI 53.3, down from 55.3 in March and demonstrably weaker than Reuters median forecast of 54.2
- Euro zone March producer prices +0.5% m/m, +3.3% y/y, very marginally weaker than Reuter’s median forecasts of +0.6%, +3.4% respectively
- OPEC’S El-Badri: Says ‘not happy’ with current oil price. Worried about demand destruction because of high price
- Asian Development Bank: Must reduce dollar dependence. Must promote inter-region trade using regional currencies
- ECB has one hand tied behind its wallet - WSJ
Market effectively on hold awaiting the ECB rate decision and Draghi press conference. It’s been like watching paint dry.
EUR/USD sits at 1.3135 from the 1.3143 which greeted me first thing. 8 pip net change, whoppeeee!!
Buy orders seen clustered 1.3100/10, sell stops just below there. Then more buy orders clustered just infront of touted 1.3075 barrier option interest. On topside, sell orders seen clustered 1.3160/70.
USD/JPY marginally firmer at 80.35 from early 80.20. Buy orders seen clustered 80.00/10, sell stops through 79.90. Talk Kampo interest lying in wait down at 79.50/60. Japanese exporter sell orders seen clustered 80.40/50, which are so far capping rally attempts.
Cable effectively unchanged at 1.6180, managing to shrug off poor house price and services PMI data (see both above)
Sell stops seen gathering through 1.6150.
