- IMF says European banks may have to sell $3.8 trillion in assets
- Italy raises deficit targets
- Italian bad loan ratio hits 12 year high
- SNB’s Jordan reaffirms cap after being named president
- Fitch questions Dutch AAA rating
- IMF’s Vinals pleads ignorance on possible EU injections into Spanish banks
- Ireland reaffirms deficit targets
- Bank of Canada sees ‘gradual’ rate rise through 2014
- Carney softly denies report he’s been approached to lead BOE
- S&P -0.4% to 1385
- GBP leads, NZD and JPY lag
Another lackluster afternoon in US trading but the morning had some intrigue. EUR/USD opened at 1.3085 in NY but fell to 1.3058 shortly afterwards on concerns about European banks. Those concerns never dissipated but the combination of 1.31 options and a large order busting stops, triggered a run to 1.3137 before the sideways chop took hold.
Sliding US yields weighed on USD/JPY but it was a slow move to 81.25 from 81.35 overall.
Cable struggled to fight through orders in the 1.6000/20 range but eventually cleared them out for a run to 1.6042 before settling back down to 1.6020.
EUR/GBP hit a 19 month low.
EUR/CHF ran up to 1.2033 on the SNB news but settled back to 1.2018.
