- Japan Trade deficit at Y517.4 billion (survey – Y270.0B) Higher oil prices and a fall of 25.1% plunge in exports to Europe were being cited for the weakness.-
- Westpac/MI leading index rose 0.5 % in June . (non-event)
- Moody’s changes outlook on Belize to negative from developing , expects debt restructuring to imposes severe losses on investors. (hello Samars)
- Samaras says Greece needs “air to breath ” to get economy going . Exit from euro would cause five more years of recession, unemployment rate to exceed 40%, and could mean the end of democracy in Greece. He meets with Juncker today .
Market doldrums continued during the Asian session as the disappointing trade balance numbers out of Japan couldn’t move USD/JPY out of a 15 pip range .(79.31 high 79.17 low) . Bids at 79.00/10 with stops below and exporters on the offer 79.50/60 , again 79.80 through to 80.00.
EUR/USD : Deadly dull with a 19 pip range from a high of 1.2478 to the low 1.2459. It had good support with continued EUR/AUD buying interest sending that pair above 1.1900 to a high of 1.1937. Offers above 1.2480 through to 1.2500 .
AUD/USD : Started the session at 1.0486 and just slowly tested lower (1.0438 low) on the back of the EUR/AUD buying . AUD/USD has a softer tone to it as we wait for the China PMI number tomorrow .
Have A Good Day.
