- IMF Lagarde stands by Greece , urges euro-zone action . If European leaders follow through on commitments made at the June summit to tackle the debt crisis “there are reasons to hope the situation will improve”.
- Japan monetary base 8.6% vs 6.2 % forecast.
- S&P lowers long term rating Cyprus to BB: on negative watch.
- S&P affirms Germany AAA/A-1+ rating : outlook stable .
- Azumi speaks : Says IMF and Japan agree Yen appears ” moderately overvalued”.
- BOJ’s Morimoto usual statement about concerns over European debt etc. Also states BOJ will continue powerful easing by steadily progressing toward the 70 trillion Yen asset buying and loan target .
- NZ. ANZ commodity price index falls 0.5% vs prior -2.4%.
- Australia June trade balance +9mln (vs. -375mln forecast)
- Australia June retail sales rose 1% (0.7% forecast)
- Australia 2Q retail sales Ex inflation rose 1.4% ( 0.9% forecast).
- Italy’s Monti to make last-ditch effort to persuade Spain to swallow its pride and accept formal rescue. -The Telegraph
Market awaits the ECB and BOE announcements after the Fed failed to deliver .
Euro clawing its way up near session highs after finding support around the 1.2220 level . Continued short covering ahead of ECB announcement later . Offers here at 1.2250 with stops above .
Yen a non-event, trading from lows of 78.40 to highs of 78.50. Offers here at 78.50 with stops above 55/70/85/ and 79.00.
Aussie rebounded after testing support around the 1.0440 level . Near session highs after good retail sales and trade numbers.
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Good luck today , have the feeling it could get a little exciting later .
