- Uk Telegraph exposes the gold swap/lease that caused recent movement spooking the market
- The Nationwide measure of UK consumer confidence has fallen for the 2nd consecutive month
- Australian economy: Westpac-MI July consumer confidence index +11.1%
- Singapore’s economy growing at record pace expanding at a record 18.1 percent pace in the first half of the year, spurring the nation’s currency and adding to evidence of Asia’s resilience to Europe’s sovereign debt crisis
- Solid start to US earnings season trumps China worries and spurring risk appetite
- Wayne Swan unveiled today improvements to the government’s finances, including a larger-than-expected fiscal surplus in 2012-13
After the serious moves overnight the asian market tried early to continue forth but without impetus; asian bourses have traded firmly after the strong Intel earnings and firm close in the S&P;
Eur/Usd traded in a 35 pip range andstruggled after heavy selling absorbed bids above 1.2700 again – range 1.2700/35
Eur/Jpy 112.80/30 had subdued two-way business; Eur/Chf traded closer to the top of the range 1.3406/54 with a firmer Usd/Chf currently 1.0572 (range 1.0539/84)
Cable was quieter than the 1.5172/1.5244 suggests and Eur/Gbp remains rangebound.
Aud/Usd 0.8811/51 looked as though buying might test the 0.8860/80 key resistance but fizzled out and drifted on profit taking but remaining gently bid.
Usd/Jpy similarly bid at 89.00 but lacked the commitment to challenge the selling at 10/15.
Gold and Oil (Light Crude, August) firm/steady….1211.40 and 76.92 respectively
It wouldn’t surprise to see europe sell into the market before a test higher later in the session.