- G20 responds to Europe debt issues with deficit goal
- BIS report: Crisis measures could become threat to recovery if not withdrawn in time
- Moody’s: Views Japan’s fiscal plan with a “positive nuance” Downward pressure on Japan rating may build if fiscal plan is not followed. Lack of fiscal discipline, double dip in world economy may cause such pressure
- SNB’s Danthine: Deflationary trends have practically disappeared today – Newpaper interview
- IMF Romania representative says IMF board will discuss Romania aid on Wednesday or in early July – Agency Agerpres
- Shanghai share index down 0.7%, volume shrinks to 18-month low
- Euro zone May M3 annual growth -0.2%, weaker than median forecast of +0.3% y/y
- Greece to issue 3-month, 6-month, 12-month t-bills mid July – Deputy FinMin
- UK house prices -0.2% m/m, +8.2% in May – Land Registry
Generally it’s been something of a sleepy Monday morning, enlivened by a fairly sharp sell-off in the EUR/CHF cross. The move lower in the cross accelerated when comments made by SNB’s Danthine in a newspaper interview hit the wires. Nothing new, but enough to give the EUR/CHF bears an excuse to hit the cross again. It’s down at 1.3425 from early 1.3515, having been as low as 1.3416 so far.
EUR/USD weighed down by the EUR/CHF sell-off is down at 1.2335 from early 1.2375. Eastern European selling seen above 1.2370. Talk of sell orders lying in wait up at 1.2400.
Cable marginally firmer at 1.5060 from early 1.5040. Underpinned by reports of a UK clearer needing to buy the pairing today for dividend payment purposes. Middle Eastern sovereign also notable buyer.
USD/JPY hardly changed at 89.35. Hedge fund notable buyer helping lend some tenuous support.