- German Finance Ministry: Germany still stability anchor of euro zone (reaction to Moody’s negative outlook)
- Spain 10 year govt bond yield hits new euro-era record at 7.59%
- Greek PM Samaras. Greek recession this year could be more than 7%. But sees recovery in 2014
- German FDP sees no majority for new Greek aid
- Austrian FinMin Fekter: Greek exit from euro zone not currently being discussed
- French July flash composite PMI 48.0, up from final 47.3 in June and a four month high
- German July flash composite PMI 47.3, down from final 48.1 in June
- Euro zone July flash composite PMI 46.4, unchanged from June and pretty much in line with Reuter’s median forecast of 46.5
- French July manufacturing industry morale falls to 90 from downwardly revised 91 in June
- Who will hold the Troika to account for asphyxiating Greece? – AEP at The Telegraph
Sorry about the headline, just wanted to grab your attention.
Another pretty dire mornings’ fare in the forex markets. European stockmarkets gave up marginal early gains with Spain (down -1.8%) and Italy (down -0.8%) the worst performing as their govt bond yields continued their sojourn higher. This helped pressure the euro a little, EUR/USD down at 1.2098 from early 1.2128.
Sell stops now seen through 1.2090, buy orders clustered 1.2050/60 ahead of 1.2050 barrier option interest. Topside, sell orders clustered 1.2140/50, buy stops gathering in 1.2150/60 area.
USD/JPY hardly changed at 78.18, about 7 pips lower from when I arrived. Buy orders seen 78.00/10, sell stops through 77.90. Sell orders clustered 78.50/60, buy stops above there.
Cable touch lower at 1.5500 from early 1.5530. Big event risk for sterling tomorrow with the release of Q2 GDP data.
