European Morning Wrap: Thank Goodness That's Over
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
Finland's Europe Minister Stubb: Finland 100% committed to euro
More Stubb: Not helpful to speculate over euro break up
German CDU deputy parliamentary leader Fuchs: Leniency toward Greece would trigger demands from others
Spanish 2 year govt bond yield down 19 bps at 3.74%.
Spanish 10 year govt bond yield down 10 bps at 6.48%
Spanish bank bad loans rise to 9.42% in June from 8.95% in May
German July PPI unchanged m/m, +0.9% y/y
Euro zone June sa current account rose to 12.7 bln from 10.3 bln in May
Francois Hollande is a 'formidable war machine with deep hatred of Nicholas Sarkozy' - The Telegraph
A crappy end to a crappy week.
EUR/USD up at 1.2365 from early 1.2345. Spanish bond yields have come lower again (see above) and this will have lent the single currency some support. Spain's IBEX best performing European stockmarket, up +2.3% this morning.
Speculation that Spain will request a bailout at meeting of finance ministers and central bank governors next month. This will pave the way for the ECB to buy the country's debt.
EUR/USD sell orders well documented up at 1.2380/00 and they're proving a hurdle for the euro bulls, the session high being 1.2381.
Buy stops seen through 1.2400.
USD/JPY up marginally at 79.45 from early 79.30 having been as high as 79.49. Given price action anyone would think there was barrier option interest at 79.50, but we have no confirmation of such.
Cable totally unchanged from level that greeted me first thing, namely 1.5705. Deep joy.
AUD/USD down marginaly at 1.0445 from early 1.0470. Two UK clearers notable sellers of the pairing this morning.