- European, IMF officials begin new Greece inspections
- China’s Wen: Have successfully controlled fiscal risks
- Germany’s VDMA: doubles 2010 production growth forecast to 6%
- EU Commission forecasts 2010 euro zone GDP growth 1.7%, up frpm previous +0.9%
- EU’s Rehn: We have solid ground under our feet on economy
- UK unions threaten strikes, civil disobedience and campaign of resistance over cuts – Telegraph
- French July current account balance -2.2 bln
- IMF’s Strauss Kahn; Must acknowledge crisis will not be over until unemployment drops significantly. Asian and South American economies doing well
- UK business sees double dip – BDO LLP
Not much change in the majors this morning, but that’s not to say there hasn’t been action. If you traded cable you’d have had a lively morning.
EUR/USD sits at 1.2808, hardly changed on the day. Inbetween we’ve been as high as 1.2833 and back down again. Asian sovereign and large system fund notable buyers early. Asian sovereign was also in buying cable as well in what looks like bog-standard reserve diversification.
BIS and Swiss National Bank both reported availing themselves of the better levels to sell. Not sure of SNB levels, but BIS seen selling into rally above 1.2820. Large French commercial bank also said to have been decent seller into rally.
Cable has seen busy trade, but at 1.5402 is only very marginally easier from early 1.5420. Inbetween though the pairing managed to get as high as 1.5488 before quick retreat. Asian sovereign notable buyer early, while UK clearer and large Swiss commericial bank notable sellers around highs.
USD/JPY sits at 84.02, little changed in very quiet trade.
