- Obama issues veto warning on Boehner debt plan
- ECB’s Bini-Smaghi: Not committed to any particular rate path
- Case-Shiller home price index falls 4.5% y/y, as expected
- US new home sales fall 1% to 312,000 annual rate
- Conference Board consumer confidence index rises to 59.5 from 57.6
- ISDA says US would have three days or more to cure default before triggering a CDS payout
- Fitch affirms the Netherlands at AAA: outlook stable
- White House: Treasury has wiggle room after August 2
- NZ FinMin: New Zealand seen as a safe-haven, supporting NZD; makes rebalancing economy difficult
- US 10-year note yield slips 5 bp to 2.95%
- S&P 500 falls 0.2% to 1335
- Oil rises 0.27 to $99.27; gold up $5 to $1619.50
EUR/USD ranges traded for most of the session in NY, easing early in the day to test support at the 1.4450 level before rising late in the session at 1.4525 level on growing signs that the August 2 date for the government to run out of funds is not a hard and fast date. We edged through the 61.8% retracement of the 1.4940/1.3840 decline at 1.4518 but was unable to close above that level, a minor technical set-back for an otherwise well-supported EUR/USD.
After slipping below 0.8000 briefly in Europe, USD/CHF stalled at 0.8005 at its weakest in NY. USD/JPY slipped as low as 77.83.
No negotiations of note today in Washington and none publicly scheduled for tonight. Time waits for no one…
