- Austrian FinMin Fekter: Confident Greece will get next tranche of loans
- Japan’s FinMin Noda: To take decisive steps on FX if yen moves are excessive, disorderly
- Swiss SVME purchasing managers index 53.4 in June, well below median forecast of 57.8
- Euro zone manufacturing PMI 52.5 in June, unchanged from flash estimate
- Italian May adj unemployment rate 8.1%, as expected
- Euro zone May unemployment 9.9%, as expected
- UK manufacturing PMI 51.3 in June, below median forecast of 52.1
- Eurogroup meeting in Brussels scheduled for Sunday changed to Saturday evening conference call of ministers
Thank goodness it’s Friday
EUR/USD sits at 1.4525, very marginally firmer from the 1.4510 which greeted me this morning. Pairing rallied right from the get go, the euro bulls intent on taking out the well documented 1.4550 barrier option interest. That mission was accomplished without much of a fuss followed by a bout of profit taking.
We were already drifting lower when some pretty poor European manufacturing PMI data (Spain, Italy etc) helped extend the drift. We did eventually dip below 1.4500 briefly, but talk of Asian central bank buy interest in the 1.4480 region and comments from Austrian FinMin Fekter (see above) soon had us rebounding.
Fairly decent buy stops now seen through 1.4555.
Cable has had a volatile morning. Started around 1.6050 and rallied early, helped in no small part by strong buying from a UK clearer. We had already drifted back slightly from session high 1.6095, when the release of weaker than expected UK manufacturing PMI data put the skids under sterling.
Cable eventually reached a session low of 1.5987 before recovering. Major Swiss bank and corporate buying notable under 1.6000.
EUR/GBP up at .9058 from early .9035 having been as high as .9083. Talk of decent sell orders lined up .9080/90, said to be defending .9100 barrier option interest.
USD/JPY at 80.70 effectively unchanged on day. Pairing once again sidelined.
EUR/CHF up at 1.2265 from early 1.2215 having been as high as 1.2300. Cititechs have come out and re-established a short possie in the cross; short at 1.2283, target 1.1600, stop 1.2425. Nice risk/reward, hey what
