- German Foreign Min: no substantial softening of Greek program
- Greece to present 11.7B euro reform plan
- ECB SMP quiet for 23rd week
- Spain 10-year yields down 16 bps to 6.28% — a six-week low
- Chicago Fed nat’l activity index -0.13 vs -0.05 exp
- Yen-yuan trading unspectacular since June launch
- Apple fanboys rejoice
- Gold gains $5 to $1621
- S&P 500 flat at 1418
- AUD leads, USD lags
The euro was on its back foot as US trading got underway due to ECB denials about yield cap reports. The euro opened at 1.2294, the lows of US trading and steadily climbed to 1.2449 before Europe closed. The US afternoon has been quiet with offers at 1.2250 capping any upside and buyers consistently popping up at 1.2340/38.
USD/JPY edged lower in early US trading as risk appetite faded and US yields declined. Bids at 79.20/00 were never tested as a slump to 79.32 early on marked the low. Last at 79.39.
USD/CAD touched a four-day high at 0.9902 but was unable to capitalize on the break above 0.9900 and quickly faded back to 0.9982.
Overall, we didn’t learn much today and every pair (except AUD) is within 15 pips of Sunday’s open.
