- German Ifo index falls to 102.3 in August from 103.2 in July
- Chicago Fed Midwest manufacturing index rises to 95.6 in July from 93.9 in June
- SNB’s Jordan: Absolutely necessary to maintain franc ceiling
- Fiscal union working group formed by France, Germany
- Dallas Fed Manufacturing index rebounds to -1.6 in August from 13.2 in July
- Greek finmin reiterates Greece to ask Troika for more time
- ECB’s Asmussen attempts to placate Bundesbank on bond buying
- S&P 500 falls 0.06% at 1410
- US 10-year note yield dips 3.8 bp to 1.65%
- Oil settles down $0.58, shedding early gains; SPR release rumors and refinery shut-downs in the Gulf of Mexico leave WTI with no place to go. Literally.
It was a day without a theme. With London closed and the US calendar stocked with only fourth-tier data, EUR/USD was confined to less than a 40 pip range. We edged up in the range early in the day and down in the range in the afternoon.
About the only takeaway from today’s market is the fact that EUR/USD is holding onto the important area of support between 1.2480 and 90. A break below will prompt liquidation from short-term specs while medium-term players remain dip buyers, we hear. Demand is seen at the 1.2450 with still good interest to sell up ahead of 1.2600.
