- SNB’S Jordan: Bank will stick to the franc cap. Franc remains high, weighing on Swiss economy
- LDP’s Abe: Reiterates call for bold monetary easing
- Japan PM Noda: If govt sets BOJ monetary policy steps and its goals, it would hurt BOJ’s independence
- Buba’s Weidmann: Cautious against ‘over hasty’ banking union
- Like it or not, Beijing and Berlin must pay - The Telegraph
- 1930s medicine pushes Europe into double dip recession – AEP at The Telegraph
- The time-bomb at the heart of Europe – The Economist
Mild risk aversion in the air, but nothing too heavy-duty. Eurostoxx 50 off -0.5%. Worst performing major European stockmarket Italy’s FTSE MIB, which is off some -0.9%.
EUR/USD down at 1.2732 from early 1.2770, having been as low as 1.2724 after sell stops tripped through 1.2740.
Buy orders seen clustered now down at 1.2700/10, sell stops below there and more through 1.2680. Sell orders clustered 1.2775/85 and more up at 1.2800/10 ahead of 1.2810 200 dma. Buy stops gathered just above there.
USD/JPY little changed after recent volatility. Presently at 81.13 from the 81.05 which greeted me. Talk of trailing sell stops through 80.80. Topside, sell orders clustered 81.40/50 ahead of 81.50 barrier option interest. The 81.45/50 area remains important technical resistance as mentioned in yesterdays’ wrap.
Cable effectively unchanged at 1.5855.
AUD/USD also effectively unchanged at 1.0320. EUR/AUD down at 1.2336 from early 1.2372. Real money said to have been selling the cross aggressively this morning.
