- Draghi has two-prong plan on euro crisis - Sueddeutsche Zeitung
- Finnish PM: Euro zone rescue funds could be buying sovereign bonds on primary market. State property could be used as collateral in bond buying
- Italy PM Monti: Euro risks becoming factor of disintegration in Europe
- More Monti: Problem is lack of trust in integrity, management of euro
- Even more Monti: Italy risks anti-euro govt if spreads aren’t tamed
- Looks like team GB may lose a silver medal!!
- Spain July jobless falls -0.6% m/m. By 27,814 people. Total unemployed 4.6 mln
- Swiss June retail sales +3.7% y/y, much better than median forecast of +2%
- Swiss July PMI rises to 48.6 from 48.1, better than median forecast of 47.0
- Euro zone June producer prices -0.5% m/m, +1.8% y/y, slightly weaker than Reuters’ median forecasts -0.4%, +1.9% respectively
- UK July construction PMI 50.9, up from 48.2 in June and demonstrably stronger than Reuter’s median forecast of 48.0
- BOJ’s Morimoto: Recent yen rises may hurt Japan economy
- What could the ECB do to save the euro? – The Telegraph
We’re sitting here waiting for the Bank of England and the European Central Bank rate decsions, but most of all we’re waiting for Super Mario!!!!!!!
What’s he gonna do to save the euro? That’s the question on everyone’s lips.
EUR/USD is up marginally at 1.2280 from early 1.2250, having reached the head heights of 1.2297 at one stage. Periphery govt bond yields have come lower this morning and this will have provided the single currency support.
USD/JPY touch lower at 78.25 from early 78.45. GBP/JPY down at 121.65 from early 121.90. Talk the BIS has been selling the cross this morning.
EUR/CHF effectively unchanged at 1.2013. We did have a little spike to 1.2029 which caused a ripple of excitment. Doesn’t take alot in these tedious markets. Talk had it that a German name was in buying 2 month 1.2250 calls.
AUD/USD up at 1.0515 from early 1.0480. Next hurdle for the wunderkid aussie dollar is the barrier option interest up at 1.0550.
Cable pretty much unchanged at 1.5550, failing to garner any real support from surprisingly good construction PMI data (see above). The BIS selling of the GBP/JPY cross probably didn’t help.
