- German court decision could be delayed by fresh challenge
- China hikes retail gas/diesel prices 6%
- US July consumer credit -$3.28B vs +$9.1B exp
- No bond buys from ECB last week
- French fin min says Greek exit ‘not acceptable’
- Spain raises 6B euros in private placement
- Rumors about disappearance of incoming Chinese leader
- Talk China may cut fees and boost imports
- IMF cuts 2013 Ireland growth forecast to 1.4% from 1.9%
- No big plans at Eurogroup meeting
- Soros stokes fears of German depression
- Merkel, Schaeuble tell coalition ECB acting within its mandate
- Rajoy: Will keep bailing out regions, if necessary
- USD/CAD hits one-year low
- CAD leads, NZD lags
- S&P 500 down 0.6% to 1429
The euro edged lower to 1.2775 after the German court challenge but bounced to 1.2800 on expectations that it won’t make a difference. Sentiment slipped in the final hour of trading, led by stocks, and EUR/USD fell to a session low at 1.2756.
Cable was in the spotlight in the early going as it slumped to 1.5959 from 1.6010 on what was probably some clunky flows. Bids ahead of 1.5950 stopped the fall and cable climbed all the way back before the late drift to 1.5989.
Overall, it was a quieter start to the week but picked up steam late in the day as risk trades edged lower.