- German November Industrial production +0.2% m/m from a revised -2.0% in October (expected +1.0% m/m)
- UK Nov global goods trade deficit narrows to -£91.164 bln from -£9.487 lbn
- Italian Q3 public deficit to GDP narrows to 1.8% from 2.5% in Q3 2011
- Japanese Econ Min Amari: Need to ensure fiscal reform, BOJ mustn’t be seen to be monetising debt .Monetary easing alone won’t be enough, need flexible financial steps as well
- German auction result
- Cyprus bailout could fail in German parliament – Spiegel online
- Button down central Bank bets it all – WSJ
- Greek recession may stretch through 2014 - ekathimerini
For the most part a tediously dull morning with little direction and all focus on the yen pairings.
EUR/USD failed to break back through 1.3100 with a session high of 1.3096 pegged back by a cluster of offers which remain up to 1.3120. Disappointing German IP data then led the pair lower towards midday towards the zone of bids sitting down at 1.3040/60. Sells stops are in place on a break of 1.3040
EUR/JPY pushed up to day’s highs of 114.79 on Japanese demand in both USD/JPY and the cross, but both later succumbing to EUR/USD pressure despite initial firming stocks across Europe. USD/JPY eased back from a day’s high of 87.74 to 87.41 led by cross sales to 114.09 .
AUD/USD largely took a back seat snagged into a 1.0496-19 range.
GBP/USD languished in a 1.6043/75 range largely ignoring the UK trade data, with falls cushioned by some supply in the EUR/GBP as the cross eased from 0.8154 to 0.8134
