- Greek FinMin: Finnish issue obstacle to new EFSF role
- Finland abandons Greek collateral deal under German pressure - Media report (but not so quick)
- Senior Finnish govt source: Collateral remains “absolute precondition” for Finnish participation in second Greek bailout
- German CDU parliamentary leader: He is confident coalition will have broad majority for EFSF rescue. All speculation about a possible failure of Merkel’s coalition to get own majority is wrong
- UK Q2 GDP unrevised +0.2% q/q, +0.7% y/y, as expected
- Swiss KOF leading growth indicator 1.61 in August. Weaker than median forecast of 1.82. July read revised down to 1.98 from initial 2.04
- S&P: Outlook for Asian sovereigns, while stable, is showing some downside risks
- Japan FinMin Noda: Global financial crisis is now attacking Japan
- Professor Mundell, euro, and ‘pessimal currency areas’ - AEP at The Telegraph
- EU leaders face busy fall, tight deadlines – Charles Forelle in WSJ
Not alot to report. Market becalmed ahead of Ben Bernanke’s Speech.
EUR/USD up marginally at 1.4430 from early 1.4415, having managed to crawl up to session high 1.4453 before running out of steam. Never at any stage did it look like we were going to see much in the way of price volatility. ECB said to have been in buying euro zone bonds. Which flavour?, never did find out.
USD/JPY down marginally at 77.00 from early 77.30, having been as low as 76.90.
Talk of stops below 76.90, but also reports of an Asian central bank with staggered buy interest from 76.90 down to 76.75.
USD/CHF marginally firmer at .7935 from early .7920. EUR/CHF up at 1.1460 from early 1.1415, having been as high as 1.1471. The swissy weakness came in the wake of very poor KOF leading growth indicator (see above)
Cable touch firmer, up at 1.6330 from early 1.6315 in slow trade.
