EUR/USD sits at 1.2300, down from a North American close Thursday up around 1.2355. A couple of articles in the Wall Street Journal will have been noted. One entitled “Greece may yet have to restructure its finances”, the other “The arithmetic adds up to a Greek restructuring.”
Elsewhere, Chinese government advisor Ba Shusong has opined that Chinese property prices could fall as much as 20% within a year. Not sure whether the official is reiterating comments made before, but they’ve been noted all the same.
Very little in the way of euro zone data today:
06:00 GMT: German import prices for April
08:00 GMT: Italian PPI for April
We can look forward to the vagaries of month end flows going through today, given various holidays Monday. There have been reports these flows started going through yesterday, so maybe any impact will be limited.
Talk of stops through 1.2250, although gotta think they’re fairly limited in size, while talk of China sitting waiting to sell up around 1.2450.
South Korean authorities reported buying dollars to stem won’s rise overnight. Maybe they’ll turn up diversifying some of those dollars into euros.
Funnily enough Bank of Korea was reported seller and buyer of the pairing yesterday. Had reports of them selling initially up around 1.2315 and then buying down around 1.2260. What tricky dickies!!!
