- German November Ifo business climate 101.4, demonstrably stronger than Reuter’s median forecast of 99.5
- Ifo economist: Q4 GDP will be even weaker than it was in Q3, could even slip into negative territory
- Draghi: ECB reacted to crisis proactively
- German Q3 final GDP confirmed at +0.2% q/q, +0.4% y/y
- SNB’s Zurbruegg: Believes swiss franc will fall to more realistic levels when eurozone uncertainties diminish
- French manufacturing industry morale rises to 88 in November from 85 in October, stronger than Reuter’s median forecast of 86
EUR/USD sits at 1.2892, a mere 7 pips firmer than the 1.2885 which greeted me first thing. In between we took out well-touted 1.2900 barrier option interest, but even demonstrably better than expected German Ifo numbers weren’t enough to trip reported buy stops through 1.2915.
USD/JPY effectively unchanged at 82.22. Early reports had ‘decent’ bids ahead of 82.00 and that proved the case, session low turing out to be 82.06. Talk of sell stops through 82.00 and 81.90. Topside, sell orders clustered 82.50/60 and more 82.80/00 ahead of 83.00 barrier option interest.
Cable has given some ground, down at 1.5930 from early 1.5950. Who said they’ve never liked buying sterling on a Friday?
EUR/GBP up marginally at .8094 from early .8080.
