• French 2009 industry investment seen at -21% from -18% in previous forecast – INSEE
  • Shanghai share index down 2.9%, down 3.4% on week
  • Swiss Q-1 GDP growth revised to -0.9% q/q, -2.2% y/y from initial -0.8%, -2.4% respectively
  • Italy July PPI -0.4% m/m, -7.5% y/y vs median forecasts -0.3%, -8.1% respectively
  • UK Q-2 GDP revised up very marginally to -0.7% q/q, -5.5% y/y from initial -0.8%, -5.6% respectively
  • Euro zone August economic sentiment up at 80.6 from 76.0 in July, better than median forecast of 78.o
  • German Ifo institute survey shows firms find bank lending slightly less restrictive in August vs July
  • Swiss KOF leading indicator -0.04 in August vs revised -0.85 in July, much stronger than median forecast of -0.60. Strongest m/m rise on record
  • UK house prices +1.7% m/m, -11.7% y/y in July. Strongest monthly growth since July 2004 – Land Registry

This mornings had it’s moments, but not really one of the more inspired. Risk sentiment is in ok nick. European stocks doing ok, FTSE 100 up close to 1%, DAX 30 up around 1.25%

EUR/USD sits at 1.4350, pretty much unchanged on day despite one or two bits of decent economic data. Seems market has again become wary of pushing toward 1.4400 for fear of running into renewed China sales. Bout of EUR/GBP selling has also weighed on EUR/USD.

GBP/USD up on the day, presently at 1.6310 from early 1.6270, having been as high as 1.6336 at one stage. Middle East buying of cable noted. Decent bout of profit-taking on long EUR/GBP positions, amid talk middle east buyer down in 85.s looking to take some profit.

EUR/GBP having started out around .8825 down at .8795 presently. Slight upward revision in UK GDP has had little or no effect on trading, cable having been well above 1.6300 on release.

USD/JPY little firmer, up about 20 points on day at 93.90. Sources note buy orders at 93.40 down through 93.00, with sell stops just below 93.00. JPY marginallyweaker across the board on ok risk appetite, profit taking on JPY longs ahead of Japanese election.

AUD/USD firmer, up at .8425 from early .8390, underpinned by ok risk appetite.

EUR/CHF down at 1.5175 from an early 1.5200. Swissy has seen some strength in wake of much stronger than expected KOF August leading indicator data.