- EZ Q1 2010 Growth confirmed at 0.1% q/q
- New Japapnese PM (elect) Kan to reveal stance on sales tax after forming cabinent/party posts
- UK Halifax house price index +6.9% in three months to May vs. a year ago
- Hungarian Forint falls to 1-yr against the euro from opening level
- French/German 10-yr govt. bond spread at 39bps, highest since May 2009
- Italian/German 10-yr govt bond spread at 168bps, highest since Jan 2009
- Spanish/German 10-yr govt bond spread at Euro lifetime high of 192bps
- SNB’s Hilderbrand says irresponsible for Swiss to wait for international community on market reform
- ECB says E299.4bln deposited at overnight lending facility – down on yesterdays record of E320.2bln
- EUR/CHF hits lifetime low og 1.3865
- S.Korea FinMin says Europe’s problems clearly show global recovery is fragile – G20
- German G20 Official – Schaueble will announce start of German exit from costly programs from 2011
- Irish 5 year CDS swap widens to 340bps from 266bps
- French PM – I only see good news in parity between Euro and USD
- French PM – Not concerned about Euro fall
- Societe Generale on derivative rumour – “If we had something to say we would have said it”.
Headlines courtesy of Reuters
It started out as a session of waiting for the US NFP number before all hell broke loose. EUR/CHF collapsed through 1.40 taking EUR/USD through 1.21 and AUD/USD through 84 cents. Hungarian PM spokesman was blamed when he said default talk not an exaggeration and that Hungary would not implement austerity measures (over Bloombergs). EUR/CHF was down over 200 points on the day at one stage. Bonds spreads between Germany and the other EU members have blown out again – hardly surprising and we have still not got to the NFP number. In the last 15 minutes the French PM has put the boot into the Euro saying I only see good news in a parity EUR/USD rate.
All this any we are still 30 minutes away from the NFP. Estimates range from 200k to 800k so Good Luck.
