- Spain’s Economy Minister: Handful of countries can’t block ESM moves
- EU’s Van Rompuy: Individual states can’t block ESM decisions
- Speech by Van Rompuy 3/7
- Dutch govt: Still unclear if direct bank recapitalisation requires ESM treaty change, for now assumes no treaty change is needed
- Italian PM Monti: Expects spending cuts in 2012 to be ‘much higher’ than Eur 4.2 bln
- Reserve Bank of Australia leaves rates unchanged at 3.5%
- Spain June jobless falls -2.1% m/m, by 98,853. Highest June rise in employment on record (must be getting ready for a busy Summer tourist season. All those Brits trying to escape the bloody rain)
- UK construction PMI 48.2 in June, down sharply from 54.4 in May and demonstrably weaker than Reuters’ median forecast of 53.0. Lowest read since December 2009. Markit says drop partly due to extra holiday in June, but wide reports of weaker underlying business
- Ireland to auction 500 mln 3-month t-bills on July 5 – NIMA
- German new car registration up almost 3% in June
- Euro zone May producer prices -0.5% m/m, +2.3% y/y, weaker than Reuter’s median forecasts of -0.3%, +2.5% respectively
- ECB’s Noyer: No contradiction between fiscal discipline and growth; the two are mutually reinforcing
- Japan former Vice FinMin: Warns against overstating negative effects of strong yen
- Bob Diamond quits Barclays with immediate effect
- The euro endangers German economy - Der Spiegel
Very quiet markets.
EUR/USD touch easier and I mean a touch. Down at 1.2587 from the 1.2602 which greeted me (very precise, did ya notice that) ACB, Russia and real money among notable sellers above 1.2600, while Middle Eastern buying has helped limit the downside.
USD/JPY effectively unchanged at 79.80. Talk of buy orders clustered 79.00/30 (said to include Kampo interest), sell stops below there. On topside, Japesne exporter sell orders 79.80/00, buy stops through 80.07 (Ichimoku cloud base)
Cable touch easier at 1.5680 from early 1.5700.
