- Juncker reappointed to eurozone post states the following :
- Political understanding reached on Spain bailout.
- Spain aim is for EUR 30 bln July disbursement.
- Spain won’t have to provide sovereign debt.
- Spanish guarantee not needed when loans are direct.
- Indicates easing on bailout terms for the Irish and Portuguese.
- Says no need to worry about Greece’s financing for August and that they made no request at the meeting.
- Rehn says commission to present plan for bank regulators in September .
- Expects Spain to have to take additional measures to tackle deficit.
- Schaeuble doesn’t expect Cyprus decision before September .
- Says condition for direct access by banks to ESM bailout fund is implementation of European bank supervisor. Countries remain liable in cases of bank aid.
- NAB Australia June business confidence Index falls to -3 from -2 in May.
- NAB Australia June business conditions Rises to -1 from -4 in May .
- China June Trade Surplus $31.7 bln (24bln frcts) June exports at 11.3%, June imports at 6.3% . Imports being the weaker than expected causing renewed fears of China growth slowing . See China Custom reports below.
- PBOC sets Yuan at 6.3195 vs. prior 6.3293.
- IMF’s Lagarde says Global economic situation is “worrisome”. Urges countries to be cautious on protectionism.
Eur : Drifted lower during most of the session without showing any life at all . Started out near the highs around 1.2315/20 and ending here around the 1.2280/85 level . You have Industrial production out of France and Italy later today. Greece IP and in the UK you have IP, Manufacturing Production,and Trade balance a bit later . Still looking soft here .
JPY: A non event . Range was 79.60/79.45. enough said .
AUD : after being around the 1.0200 most of the session , got hit after the China numbers , slowly trading down to the session lows of 1.0160. Some support comes in around 1.0130 that you just might see today .
Good Luck Today.
