- Luxembourg ForMin: Rejects Franco-German plan for treaty change – Die Welt
- EU’s Juncker: Wants solid agreement between 27 EU members. If no deal between 27 EU members, deal within euro zone would be good
- More Juncker (you can never have too much Juncker) Euro rules must be strengthened
- ECB: Banks borrowed 9.36 bln euros from lending facility Wednesday. Borrowing highest since March
- Italy PM Monti: US Treasury Secretary showed great interest in latest Italian austerity package
- Bank of France November industry indicator falls to 95 from 96 in October
- LCH clearnet cuts margin requirements on Italian bonds
- Czech PM: Supports all changes that would lead to stabilisation of euro zone
Not too much going on as we wait for European Central Bank and Bank of England rate decisions and after that the start of the EU summit in Brussels which commences at 18:30 GMT.
EUR/USD effectively unchanged at 1.3405. Middle Eastern buying managed a half-hearted rally, which reached the dizzy heights of 1.3430 before fizzling out. Report of Luxembourg Foreign Ministers’ comments in Die Welt (see above) hardly helped the single currency.
USD/JPY down at 77.40 from early 77.65. Such has been the paucity of USD/JPY price action recently, the 25 pip decline seems quite marked. Japanese sellers were reported early.
Cable up marginally at 1.5720 from early 1.5705, having been as high as 1.5744 at one jucture. Middle Eastern buying seen early in this pairing as well. UK clearer also notable buyer amid ongoing mutterings of M&A flow interest. 55 dma seen at 1.5748.
AUD/USD up marginally at 1.0287 from early 1.0265. ACB buyer seen early. Talk of “decent” sell orders lined up at 1.0300/20. Also talk of some buy stops gathering through 1.0310.
PS Sorry for early posting of wrap. Thought it was later than that. Time flies when you’re enjoying yourself. As I’m not enjoying myself it’s going reeeeeeeeeeeeeal slow.