- ECB and Germany at odds over bank recaps within the SSM
- Cyprus finance minister says there’s still more downside to come
- ECB’s Asmussen has his work cut out as he sees a “decade of adjustment” in Europe. Also adds that he’s not too keen on negative deposit rates
- Germany sells €2.125bn of 12m bills at 0.001% from 0.002% prior
- EC’s O’Connor says EU to address issue of public investment and government deficit soon.
- Nikkei closes down 470 points to 14142 -3.22% as margins calls add to the liquidation
With the UK enjoying the bank holiday sunshine the markets were trading at a snails pace.
European stocks opened up in the green and have been steady in half percent gains.
Most majors have been stuck in 20-30 pip ranges while keeping in between technical levels and market orders.
The exception to the rule were Swiss pairs who went on a nice little round trip during the morning.
EUR/CHF fell from 1.2445 to 1.2409 in a burst of selling with USD/CHF and GBP/CHF following suit. The pair ends the session on the highs at 1.2450.
USD/CHF fell from 0.9620 to test bids and stops at 0.9590 but was seen off and recovered the loses.
GBP/CHF likewise came off from 1.4561 to 1.4513 and finishes up at 1.4551
USD/JPY spent the morning between the 100 H4ma at 101.10 and the lower trend line at 100.75.
AUD/USD ticked up from overnight lows at 0.9613 to highs of 0.9666 before settling at 0.9647
The US is also shut today for Memorial day so the slow burn is set to continue
