- US Q2 GDP revised to 1.7% from 1.5%, as expected
- Beige Book sees gradual expansion in most districts
- US pending home sales +2.4% vs +1.0% exp
- Canada PPI -0.5% vs +0.2% exp
- Merkel: Italian reforms will bear fruit
- Merkel: Treaties don’t allow ESM banking license
- Valencia asks for 3.5B euros
- EFSF sells 10-year note, demand tepid
- S&P cuts Illinois
- Gold touches one-week low at $1652
- S&P 500 up 0.1% to 1411
- GBP leads, NZD lags
Mild weakening of EUR/USD down to 1.2530 from 1.2560. Some demand seen at 1.2520. Larger bids at 1.2490/1.2510.
Cable squeezed some stops above 1.5850, up to 1.5856, and then dropped to 1.5808 in choppy trading, driven by the crosses, especially selling interest in GBP/JPY.
The Australian dollar spiked to 1.0398, gaining a half-cent, early in US trading. Chatter suggests reserve diversification from the SNB was the culprit. Barriers at 1.04 proved solid and the pair has fallen to 1.0352 with bids below.