- Greece to unveil addition €7 billion in cuts
- Azumi: Japan may share burden of Greek bailout
- Azumi: will take steps against yen rise if necessary
- Japan cabinet official: will bring forward measures to cushion JPY’s rise
- Chinese industrial profits up 28.2% y/y
- S&P warns Chinese developers vulnerable to real estate boom slowdown
- South Korea building FX intervention war chest
- South Korea seeks 5.5% budget hike
- Nikkei +2%, Hang Seng +2.5%, ASX +2.9%
- Oil +$1.66 to $81.90, gold +3.25%, silver +4.4%
- AUD leads, USD lags
Solid action for an Asia-Pacific session without any major news. USD/JPY popped early above 76.50 but there was no appetite for dollars at that level and the pair quickly fell back to 76.30 despite talk of fresh, aggressive measures to weaken JPY.
The more interesting moves were in risk trades as the recent highs in AUD, CAD, GBP gave way with EUR coming within pips of doing the same. An optimistic feeling has taken hold in markets on dovish talk from the ECB and Fed but (more importantly) reports that Europe is working on something big. All correlations remain at 1.
