- Initial jobless claims 350K vs 372K exp, auto retooling cited
- Draghi: inflation risks broadly balanced
- US June deficit $59.7B vs $60B exp
- Spain relaxes regional deficit targets
- Spain to set up emergency funding mechanism for regions
- Troika report: Irish growth prospects modest through 2013
- Warren Buffett: I don’t know if euro will be around in 10 years
- ECB’s Chatterbox…errr Nowotny: Growth outlook worsening all over Europe
- ECB’s Knot: no technical reason ECB can’t cut further
- Fed’s Williams: QE3 is Fed’s best tool
- US 30-year mortgage hits record low; bonds sell at record low yield
- Spanish bank junior bondholders may not face losses
- Record low in EUR/CAD
- S&P 500 down 0.5% to 1335
- Gold -$3.50 to $1573, oil flat at $85.82
- Yen leads, AUD lags
EUR/USD fell below 1.2200 in European trading but bottomed at 1.2266 at the time of the US claims data. The pair lurched above 1.2210 at the European close and has been moving sideways since.
USD/JPY held the 79.00 level, in part due to semi-official bids. Trading has been dead in that pair.
Cable was soft and getting softer throughout the morning. Stops ran below 1.5420 and again below 1.5400, touching a low of 1.5392 but rebounding into the European close and now up to 1.5433.
AUD/USD fell to exactly 1.0100 but has picked itself off the canvas nicely, rebounding to 1.0152. Chinese GDP tonight is a major risk.
The break of the 2010 low in EUR/CAD has weighed on USD/CAD. Big turnaround in the the pair from 1.0250 down to 1.0184.
Check out Gerry’s EUR/USD poll and win something or other.
