- Merkel weekend comments: Euro area hasn’t conclusively resolved crisis. More has taken place in recent months than in recent years. Waiting on troika before commenting on Greece. Plans to run for chancellorship in 2013 election. Says liability question on future direct bank aid is not yet decided. Sees German Parliament backing Spanish bailout , “We always get the majority we need”.
- EIB head: Euro-zone crisis will not end within two years.
- ECB shifts view on Bond losses .
- Ireland 2 bln euro stimulus package to boost their economy.
- U.K house prices fall 1.7 % m/m, rise 2.3 y/y .
- U.K Labour Party seeks lower charges for private pension plans.
- London’s self-regulatory system proves illusory in Libor scandal.
- U.K. GDP forecast cut to no expansion citing damage from the euro-zone debt crisis overshadowing a pickup in consumer spending.
- China’s cabinet to meet as Wen warns recovery lacks momentum.
Euro rallied on session opening as scattered short covering saw the highs above 1.2270. As the market turned into a non-event the Euro drifted lower getting to the lows of 1.2230 , before ending here at 1.2240. Only thing of interest is rumored bid at 1.2160.
The Jpy opened the session at the highs of 79.30 and tested the support level at 79.00 (79.04 low).
The Aussie $ followed the same scenario as the Euro opening up at the highs of the session at 1.0256 then drifting off in quiet trade ending near the lows of the day at 1.0225. ( low 1.0207)
Good Luck Today
