- German ZEW economic sentiment -19.6 in July, down from -16.9 in June. Pretty much in line with Reuter’s median forecast of -20.0
- Moody’s downgrades 13 Italian banks
- Eurogroup conference call noon Friday. Spain bank lending program only item on agenda – EU source
- Bank of Spain Governor Linde: Sees GDP falling -1.5% in 2012
- UK June CPI -0.4% m/m, +2.4% y/y, weaker than median forecasts -0.1%, +2.8% respectively. Y/Y lowest read since November 2009. Biggest driver the fall in the prices of clothes and footwear
- Goldman Sachs: Euro area to come out of the crisis stronger than before; it will prevail
- ‘Europe will either succeed or fail together’ - Juncker interview in Der Spiegel
- Jim Rogers: Myanmar best investment opportunity in the world. With North Korea not far behind
Markets dead, on hold awaiting Bernanke’s semi-annual Congressional testimony.
EUR/USD up 8 pips from when I arrived, presently at 1.2298. Talk of sell stops through 1.2275 and buy stops through 1.2315, and both sets survived the morning session which tells you all you need to know.
USD/JPY up 10 pips at 79.00.
Cable down 15 pips at 1.5645.
Summertime and the livin is easy, fish are jumpin and the cotton is high……..