- Australia Treasurer Wayne Swan: Won’t intervene to adjust Australian dollar
- German import prices -0.6% m/m, +6.5% y/y.
- German Fin Min Schaeuble: Says would be wrong to think Eurozone crisis could be permanently solved by one-off summit
- German Fin Min: Eurozone countries that require aid must give up some of their sovereignty to the EU: report
- Eurozone June M3 annual growth 2.1% vs Reuters median 2.3%- ECB
- German State of Hesse July CPI +0.5%m/m,+2.2% y/y
- German State of Brandenburg July CPI +0.5%m/m,+2.2% y/y
- German state of N. Rhine-Westphalia July CPI +0.4% m/m, +2.7% y/y
- Italian July mfg confidence fell to 98.5 from 100.5 in June
- Swiss leading growth indicator KOF for July falls to 2.04 vs median of 2.10. June unchanged at 2.23
- UK CBI July MFG order book balance -10 (consensus-2) vs +1 in June, lowest since April.
Not the most inspiring of mornings with little in the way of significant data.
Early European attempts to build on the o/n euro rally in Asia failed at 1.4531 , with EUR/USD starting to look heavy late morning dropping to 1.4456 . Stops are set below on break of 1.4440.
GBP/USD tracked euro lower from 1.6432 to 1.6375 as weaker CBI trend data also added downside pressure. EUR/GBP traded 0.8812-43.
USD/JPY took out a 77.75 barrier early in the session and fell to 77.57 before finding some support from EUR/JPY Central Bank buying; but the dollar struggles to make gains above 77.80.
Talk of another barrier down at 77.50 with stops below ahead of a further barrier at 77.00. Topside offers begin at 78.00/10 and 78.20/25
AUD/USD held up well as further long liquidation in EUR/AUD kept the tone firm. Comments from Aussie Treasurer Swan (see above) sparked a small spike to a new post float high of 1.1081, before easing back into the 1.1040’s.
Tech resistance is noted at 1.1083 and there’s a barrier at 1.1110. Bids below towards 1.1025/30 and 1.0970/80
USD/CAD fell to 0.9410 from 0.9444 on US investment house sales, likely targeting a barrier at 0.9400.
USD/CHF took out the 0.8000 barrier falling to a record low of 0.7992, with little respite despite a weaker KOF release. talk of sizeable option related bids now at 0.7990.
Gold posted yet another record high of $1625.60 as Europe opened, before slipping back to $1619.50
Sept WTI fell about 80c from 99.45 to 98.65
