- US durable goods orders rise 1.9% in May; firmer than expected; April orders revised up
- US Q1 GDP up 1.9% (final)
- Italian and Spanish debt spreads over Germany close at 2011 highs on Greek jitters
- Greek PM: Certain to get funding so long as Parliament approves medium-term austerity and second Troika package
- BOC’s Carney: Canadian policy may need to remain stimulative: WSJ
- ECB’s Stark: this is the last chance for Greece
- US yields close at 2011 lows; 10s at 2.868%
- S&P 500 down 1.1%
- Oil falls below $90.00 intraday; rebounds to close at $91.15
- Gold ends at $1500
EUR/USD traded in heavy fashion for much of the US session as EUR/USD ceded all the gains made in Europe this morning. 1.4140 was the intraday low with weakness in Italian banks a new focus for the market. The stoxx European ban index closed on key support at the lows for the year. EUR/USD trades at 1.4175 late.
Cable found repeated support toward 1.5960 on reports of buying for HSBC’s dividend payment on Monday.
Another day, another record low in EUR/CHF. 1.1844 was Friday’s low, marginally below 1.1847 posted Thursday.
Focus turns to Greek Parliament next week, where the medium-term austerity plan will be debated starting Tuesday. Very high fears of defections from Pasok’s thin majority pressured the euro throughout the session.
Good weekend all!