A brief couple of very early attempts at the Eur/Usd topside fizzled out, profit taking drift followed and then lethargy set in…it’s been one of those weeks in Europe…the action has been on Jamie’s watch !
- German June Final CPI as expected +0.10% m/m
- UK austerity drive threatens to snuff out recovery, IMF warns
- French May Industrial Production +1.7% vs exp +0.4%
- IMF Chief Economist Warns Changes by PBOC Foreign Reserves Composition Must Be slow
- China Yuan De-peg Avoids the ‘Manipulator’ Moniker – full US Currency report out
- Italian May Industrial Production Rises 0.10% MoM
- Trichet speaks ! and Bini Smaghi and Tumpel-Guggerell join in….
- BP are alive and well..at least for the moment
- UK Data all looked reasonable but not a market mood to take notice of PPI and Trade Balance
- UK’s first PPI drop in 18 months drew the following comment from Bloomberg
- Surprise Canadian employment numbers echo the Australian effect of a few days ago causing the Loonie to spike
The last half hour gave us an unexpected lift in the action with Canadian employment coming in sveral times higher than expectation; the USD/CAD now trades at 1.0330 after an earlier range of 1.0390/1.0455
The story of the day was an early attempt to break higher in the EUR/USD but this petered out and the market has largely ranged in 60/70 pip ranges (Asia saw 35-40 pips!)
EUR/USD trades at 1.2670 ( 1.2661 – 1.2723) ; EUR/JPY 112.22 ( 111.95 – 112.67 )
EUR/GBP looked to threaten each side earlier with a little Cable action after the UK PPI…range 0.8332/0.8386
Cable tried to lead a pathetic charge to 1.5206 and soon settled arounf 1.5260 where it currently resides …the low was 1.5131
AUD drifted around in a 50 point range and perked up a short while ago with the Loonie move…now at 0.8768
One loser on the day was the CHF against the EUR which trades at 1.3345; USD/CHF was bid gently most of the day…1.0487/1.0571 giving a high EUR/CHF 1.3400 after 1.3306 low early in the day
Gold traded quietly and currently trades 1198.50 which it was five hours ago ! and so is Oil…..75.12 for Brent Crude
Stock Markets similarly quiet…..now eyes are on the usual suspect for the week …..the S&P….I suspect the US may well end the week quietly…we shall see…
