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European session FX preopen

By Francisco Miñana

Date: Friday 22 Jun 2012

This is a FOREX market update at the european session preopen.

Main headlines:

Euro Chiefs Spar Over Greek, Spanish Aid.-Bloomberg

Spanish Aid Plan Is Flawed, Says IMF.-WSJ

IMF Sees Euro Crisis at Critical Stage.-Bloomberg

‘Operation Twist’ threat to bond trading.-FT

Moody’s downgrade hits 15 top banks.-FT

Commodity Bulls Have ‘Thrown in Towel’: Marc Faber.-CNBC

Willem Buiter: Race to save euro will follow ‘Grexit’.-FT

America’s wrap up:

Wall Street suffers worst loss in three weeks.-Reuters

Dollar Heads for Weekly Gain Against Peers Before German Confidence Report.-Bloomberg

Romney Softens Tone on Immigration

Microsoft may be making own phone: analyst.-Reuters

Beware the Looming ‘Monetary Cliff’: Hatzius.-CNBC

Pimco's Gross Warns of Risk Assets.-Bloomberg

NY Fed names Potter as head of markets group.-Reuters

Asia’s wrap up:

Asian Stocks Drop; Oil Near Nine-Month Low.-Bloomberg

Brazil-China to Sign $30B Currency Swap Deal.-Bloomberg

Taiwan’s Jobless Rate Climbs a Second Month as Europe Crisis Hurts Exports.-Bloomberg

Japan's Nuclear Restarts Worry Tourism Industry.-WSJ

European preview:

ECB Poised To Ease Collateral Standards.-WSJ

More room for further easing, says MPC memberWeale.-FT

U.K. Unveils Plan on Executive Pay.-WSJ

Putin Promises Economic Overhauls.-WSJ

How Bankia imperilled a nation’s finances.-FT

Berlusconi fans anti-euro flames.-FT

FOREX action

EUR: The euro crosses lost momentum due to renewed risk aversion favouring the dollar and the yen. The EUR-USD hit the week’s low at 1.2525 after yesterday’s reversal at 1.2700. The EUR-JPY is holding above the 100 yen area.

GBP: Sterling crosses are moving hand in hand with the euro. Cable is retracing to the 1.5600 area while GBP-JPY is still trading above 125. EUR-GBP seems to be heading towards the 0.8020 support zone.

CHF: The Swiss franc is behaving the same as the rest of the European crosses. USD-CHF is now moving close but below 0.9600 after recent gains. The EUR-CHF is stuck in the familiar range close to 1.20.

Nordics: The NOK and the SEK have resumed their gains against the USD and the EUR. The USD-NOK may soon test the resistance which lies near 6.

USD: The greenback is showing strength across the board even if the Federal Reserve has embarked on a more accommodative monetary policy stance via an extension of its Operation Twist program. The USD-JPY is moving closer to the 80.55 resistance level.

CAD, AUD & NZD: The other three dollar crosses are showing weakness against the USD and the JPY. Meanwhile, USD-CAD is trying to break the 1.03 resistance level.

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