Market Overview

European Morning Wrap: Tedious Tuesday Follows Mundane Monday. What Next?.. Woeful Wednesday

Euro zone December economic sentiment rises to 87.0 from 85.7 in November, stronger than Reuters' median forecast of 86.3
Euro zone retail sales +0.1% m/m, -2.6% y/y compared to Reuters' median forecasts +0.3%, -2.7% respectively. Octobers' data revised up, to -0.7% m/m, -3.2% y/y from previous -1.2%, -3.6% respectively
Euro zone November unemployment up to 11.8% from 11.7% in October, in line with median forecasts
German November manufacturing orders -1.8% m/m, weaker than Reuters' median forecast of -1.4% m/m
Greek PM Samaras: Athens is delivering on reforms, Europe is helping
Greek PM Samaras:  Greece is making enormous efforts (honest guv)
PBOC advisor:  Sees China 2013 GDP growth exceeding 8%
German November trade surplus s.a 14.6 bln, slightly weaker than Reuters' median forecast of 15.0 bln
Swiss unadj unemployment 3.3% in December, up from 3.1% in November and as expected.  Seasonally adjusted unemployment unchaged at 3.0% and also as expected
Swiss Labor Director: SNB floor for eur/franc still vital for Swiss economy
Japan executives warn yen may get too weak - WSJ
US could default on its debt as soon as Feb 15 - Washington Post
Sterling faces destructive 'triple cocktail' in 2013 - Telegraph
Sterling crisis looms as UK current account deficit balloons - Telegraph

EUR/USD sits at 1.3118, some 5 pips easier than the 1.3123 which greeted me.  Early reports had buy orders clustered 1.3100/05, sell orders 1.3130/50, and we've seen price action comfortably ensconsed between the two.

More buy orders seen clustered 1.3080/90, sell stops below.  Talk of buy stops through both 1.3150 and 1.3160, take your pick.

USD/JPY effectively unchanged at 87.45 from early 87.50.

Cable touch lower at 1.6090 from early 1.6105, real money and European corporates among those noted selling above 1.6100.  Talk of buy orders clustered down at 1.6050/70, sell stops below there.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Markets Trading Ideas

 

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