- Shanghai Securities News: China could cut reserve ratio in July
- ECB’s Weidmann: Debt sharing will be last step in EZ integration
- Fed’s Fisher: I suspect Op Twist having a very minor effect
- Aussie govt agency sees commodity price bounce
- NZ imports and exports surge, trade balance as expected
- Japan tax hike to move up consumer spending
- California city will declare largest US municipal bankruptcy
- Nikkei +0.5%
- S&P 500 futures flat
- JPY leads, NZD lags
Very small overall changes so far. The euro slipped down to 1.2479 but ramped back up to 1.2500 as Tokyo came on line. Some minor stops above the US high of 12505 ran the pair a few pips higher but eager sellers around 1.2510/20 returned.
EUR/JPY selling was the early theme of the session, sending the pair to 99.07. Optimism in the Nikkei after the recent losses has helped to reverse the trade to 99.33.
Other pairs saw a similar slide and recovery in a 30-pip range but overall trading has been confined to the US range, with the exception of EUR/USD. AUD/USD 1.0060. Cable at 1.5634.