- Dutch FinMin: Opposed to Austrian Greek-collateral proposal
- BOE’s Broadbent: Outlook for economy has weakened considerably
- Chicago Fed National Activity Index rises to -0.06 in July from -0.38 in June
- Greek fin min sees economy contracting between 4.5 and 5.3% this year
- ECB buys additional EUR 14 bln in PIIGS bonds; total EUR 110.5 bln
- Finnish PM: Collateral issue to be resolved in coming weeks
- Fed’s Bullard: If QE3 needed, perhaps can be done on meeting-to-meeting basis
- German FinMin: 3% growth expected this year; to present tax reform proposal
- Goldman shares plunge late; Blankfein hires defense attorney
- Bank of American may need tens of billions in capital
- Gold surmounts $1900 intraday
- S&P 500 loses intraday gains; close up 0.1%
- US 10-year note yields rise 3.5 bp to 2.10%
- Oil rises $1.86 to $84.12; gold rises $42 to $1895
EUR/USD opened at its highs today in New York and spent the rest of the session ebbing as risk aversion rose throughout the session, Same old influences: sovereign debt and bank woes lead the list, with US banks getting their fair share of scrutiny today (see GS and BAC headlines above..)
From 1.4433 early-on, we eased to 1.4359 at 4 pm Eastern time, as Wall St. closed.
AUD/USD eased modestly during the US session after stalling just shy of increasingly strong resistance in the 1.0470/80 area (three stalls) . It fell from 1.0478 to end the day at 1.4017. Soaring gold prices were a factor in the mild pullback.
USD/JPY was very quiet in US trade as the market continues to keep an ear to the ground amid multiple Japanese press reports tipping intervention and further BOJ easing as possibilities in the near-term. 76.715/76.847 was the totality of the range.
Cable slumped to 1.6437 from opening levels of 1.6519 after dovish comments from the BOE’s Broadbent.
All-in-all, one of the quietest sessions of the summer with the market gearing up for Jackson Hole later this week.