- UK Q1 GDP -0.2% q/q unchanged on y/y
- German Bund auction results
- Japan senior ruling party official: BOJ should buy longer-dated JGBs under its asset-buying scheme,
- Europe's terrible blunder can be rectified. Remember 1931
- Dutch Queen asks Prime Minister to dissolve parliament so that elections can be held on September 12th
- S&P ratings says revises India outlook to negative from stable
- ECB's Gonzalez-Paramo: No reason to believe Spain will struggle to issue debt this year despite rising costs
- ECB's Constancio: Firewall cannot act as substitute for reforms
- Japan's Dep Fin Min Igarashi; Not considering increase to spending, despite likely growth falls later in the year
- ECB's Mersch: Governments must deliver on their promises
- UK CBI April Mfg output expectations +24 unchanged from Mar, price balance +7 from +24 in Mar
- German Govt: Keeps to its 2012 GDP forecast of +0.7% with +1.6% in 2013
Started off quietly and basically stayed that way with the main fireworks in sterling this morning.
EUR/USD (NYSEARCA:FXE) traded a 1.3185-1.3237 range with Middle Eastern buyers jousting with sovereign offers amongst others ahead of a barrier at 1.3250. The German bund auctions were not brilliantly received, but only led a small dip back to 1.3210 before renewed demand emerged.
GBP/USD (NYSEARCA:FXB) got a kick in the guts on poor (but somewhat expected following recent construction data) Q1 GDP data, dropping like a stone from around 1.6145 to 1.6085 but picked up on some sovereign buying in the low 1.6090′s and holds around 1.6100. CBI business optimism later helped to underpin with a jump to +22 from -25, which is mildly encouraging for growth
USD/JPY (NYSEARCA:FXY) slipped to 81..07 from 81.45 but was halted by a sovereign buyer which led a bounce to 81.25
USD/CHF (NYSEARCA:FXF) tumbled to 3 week lows of 0.9079, but so far no one's prepared to extend the move down to rumored SNB bids sitting at 0.9050. EUR/CHF slept through the whole thing.
AUD/USD spent the day grinding through offers to 1.0346 from 1.0306 but has so far failed to break through 1.0350 where some buy stops lie (more through 1.0370 as well i'm now told). Bids at 1.0300/10 are now pretty solid I'm advised.
Gold slipped back around 8 bucks to 1636 but currently sits mid-range around 1640, and WTI for June delivery is up around 50 cents at 104.10
European bourses are all in the black with STOXX , CAC and DAX up around 1.5%, Spanish IBEX around 2.3% and Italy around 2.8%, with FTSE up just +0.25% after the weak GDP