- Wall Street Journal reports on tensions between ECB and EU governments over Greek debt restructure
- Oil price rises 0.5% to $99.50/bbl
- PBOC: Yuan to become fully convertible in due process
- Nikkei, Singapore +0.5%; Sydney -0.4%
One of the quietest sessions in quite a while with absolutely no movement whatsoever for the last 5 hours. EUR/USD closed in NY at 1.4315 and rallied first up as dealers eyed reported stops above 1.4340. The offers at that level were quite firm and when reports filetered through of more offers at 1.4350 and 1.4360, the bulls gave up. The article in the WSJ then spooked intraday bulls who bailed out of their positions, driving the EUR to its session lows. It has since returned to its opening level and stopped dead. Ranges: 1.4292/1.4337
The EUR was the only currency to see any volatility with the other majors trading in 20 pip ranges.
AUD/USD followed the EUR/USD lead in trying to trigger reported stops above 1.0685 but it also ran out of interest. Range: 1.0656/76
USD/JPY moved as usual with flows in the crosses but the 20 pip range tells the whole story: 81.56/77
Cable 1.6211/39, EUR/GBP .8811/30, USD/CHF .8800/27