- ECB’s Nowotny: Should be no idea about ECB being dovish. Markets definitely over-interpreted ECB yesterday
- ECB’s Trichet: Commodities sell-off good from inflation and recovery point of view – CNBC
- ECB’s Trichet: We do at any time what we judge is necessary to deliver price stability - Reuters Insider TV
- UK April producer output prices +0.8% m/m, +5.3% y/y, stronger than median forecasts of +0.7%, +5.1% respectively. Highest y/y rate since September 2010
- German FDP ruling coalition partner says wants Parliament to have strict control over euro zone bailouts - Draft document
- German March industry output +0.7% m/m, stronger than median forecast of +0.5%
- Swiss unadj jobless 3.1%, adj 3.1%, better than median forecasts of 3.3%, 3.2% respectively
- French March trade balance -5,746 bln, better than median forecast -6.5 bln
- Spain March calendar-adjusted industrial production -0.9% y/y, some way weaker than median forecast of +2.0%
- UK’s John Lewis says weekly dept store sales down -9.2%
- UK new car registrations down -7.4% y/y in April – SMMT
Short bursts of abject panic intersperced with lengthy periods of nothingness. Oh well, roll on US jobs report.
EUR/USD sits at 1.4530, marginally easier from early 1.4545. We ticked higher initially only to slam into reverse gear as oil slumped lower (down 5 bucks at one stage before recovering.)
Comments from ECB’s Nowotny (see above) provided some support, but nothing lasting.
Much talk of 1.45-1.50 dnt and the lower parameter was defended with some gusto. We got as low as 1.4503. Asian sovereign very noticeable buyer around lows.
Large stops seen through 1.4480.
Cable marginally firmer at 1.6420 from early 1.6390, stronger than expected producer price data lending sterling some support. EUR/GBP down at .8845 from early .8875.
USD/JPY has drifted slightly lower, down at 80.25 from early 80.45 in slow trade.
AUD/USD touch easier at 1.0675 from early 1.0690.
It’s the weekend!!!! yipeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
