ForexLive US wrap: Backing and filling awaiting weekend events
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US retail sales fall 0.2% in May; as expected
US PPI falls 1.0% in May; sharper fall than expected
Australian Treasurer Swan: Europe squandered months of calm, faces long and painful road
Cyprus may seek EUR 4 bln in EU aid
Syriza's Tsipras: EU won't cut funds to Greece or eject from euro
France to propose giving ECB more power, ESM ability bailout banks directly
German FinMin: The time for European integration is now
Monti backs long-shot financial transaction tax
Hollande: Greece must respect trust placed in it by Europe
UK could introduce credit easing: FT
US official: G20 unlikely to announce action on Europe
Egan-Jones cuts Spain to CCC+ from B
US 10 year note yields fall sharply intraday from 1.70% to 1.60%
S&P 500 falls 0.7%
A day of mostly short-covering in EUR/USD as we rallied as high as 1.2610 at midday in NY only to ease to the 1.2560s late in the afternoon as stocks took a late tumble.
USD/JPY was weighed by the falling US yields and an uptick in risk aversion. Hopes for a European package at the G20 took a blow today, dampening risk.
GBP/USD fell as the FT reported the BOE may be shifting toward credit easing in an effort to lower UK interest rates from homeowners and business. We end at 1.5515 from 1.5585 as London closed up shop.
AUD and CAD both gave ground as risk appetites ebbed during the afternoon and stocks and commodities fell.
Posted in: Markets