- German Bundestag votes in favour of new Greek aid
- German FinMin Schaeuble: Situation in Greece, Europe is serious
- ECB’s Constancio: Trichet did not rule out every option on extending maturities
- UK April industrial production -1.7% m/m, -1.2% y/y, much worse than expected
- UK producer output prices +0.2% m/m, +5.3% y/y, pretty much as expected
- German May CPI (final) unchanged m/m +2.3% y/y. Unchanged from prelim data
- French April industry output -0.3% m/m, weaker than median forecast of +0.4%
- EU’s Barroso: Croatia ready to take final steps towards joining European union in 2013
- Austrian FinMin Fekter: If IMF stops helping Greece then Austria would stop helping too
Morning has hummed along, well sorta. But at the end of the day little net change on the major spots and crosses.
EUR/USD down at 1.4460 from early 1.4485, having been as low as 1.4443. Euro zone pheriphery concerns still on the front burner and this despite Bundestag voting in favour of new Greek aid.
Central bank and hedge fund buying seen around the lows. Downside stops seen through 1.4440 (light) and 1.4420 now. Trailing buy stops seen through 1.4520 and 1.4550.
Cable had one of those crazy mornings that cable does so well. Sits at 1.6302 presently, very marginally lower on the day. Inbetween though we’ve been as low as 1.6217 and all the way back up.
Cable came under accelerated pressure ahead of the UK industrial production data release as talk circulated that the numbers were going to be real grotty. Talk was of a -4.5% month on month fall (seems this was what a UK clearer was forecasting.) In the end things were bad, but just not THAT bad. As a result after a brief shallow dip we saw a strong rally. Classic sell the rumour, buy the fact price action.
USD/JPY sits at 80.12, to the pip where it was when I arrived. Guess if you’re a USD/JPY trader at the moment you spend a great deal of time twiddling you thumbs (which is quite a fun thing to do, give it a try)
Happy twiddling y’all………
