- Greece/Troika near agreement on new cuts, should finalize by Sunday
- Fed’s Fisher says new policy won’t provide hoped for boost, looks forward to solving the problem of when to tighten policy.
- Senator Hatch: Bernanke reiterated need to avoid fiscal cliff, would cut QE if inflation accelerates.
- NZ FinMin English says no way to “pick right exchange rate.” Economy outperforming others.
- NZ 2nd qtr GDP higher than expected, 0.6% q/q and 2.6% y/y.
- Japan Trade deficit rose to Y754.1B with exports falling 5.8% and imports falling 5.4%.
- Chinese HSBC September Flash PMI rose to 47.8 from 47.6 the previous month.
EUR/USD falling to session lows just above support level of 1.2990/00 after spending most of the pre-PMI consolidating around 1.3040/50. No real fresh news with the exception of possible Greek/Troika agreement. Offers up around 1.3080 with scattered stops above.
USD/JPY was a non-event even after their trade numbers showed continued weakness in global exports . 78.35/45 was the range till post PMI sent it to the lows here at 78.24/26. Good bids remain around 78.00/10 with stop below. Offers now probably being lowered to the 78.50/60 level.
AUD/USD actually saw a better bounce from a good NZ GDP , reaching session high of 1.0483, than the 10 pip blip after PMI. Continued mining sector worries weigh heavy on the AUD/USD trading now at session lows now at 1.0404/7.
Have A Good Day.
