By Francisco Miñana
Date: Tuesday 10 Jul 2012
This is a FOREX market update at the european session preopen.
EU gives Spain more time on deficit, sets bank aid.-Reuters
China’s Below-Forecast Import Growth Adds Pressure for Stimulus.-Bloomberg
Spain to Get Accelerated $123 Billion Bank Aid as EU Weighs Direct Lending.-Bloomberg
BOE's Paul Tucker Testifies on Libor-Rigging Scandal.-Bloomberg
Roubini: My ‘Perfect Storm’ Scenario Is Unfolding Now
Iran’s oil output falls to a 20-year low.-FT
Thomson Reuters pays $625m for FXall.-FT
America’s wrap up:
Fed Debates Issuing Quarterly Monetary Report as Guide to Policy.-Bloomberg
Fed's Williams: U.S. Close to Needing QE3.-WSJ
Obama: Extend Tax Cut for Middle-Class Americans.-CNBC
Obama challenges Republicans on tax cuts.-Reuters
Art Laffer: US ‘Close’ to Double-Dip Recession.-CNBC
Fed knew of Libor issue in 2007-08, proposed reforms.-Reuters
May consumer credit expands most in five months in the U.S.-Reuters
Alcoa beats despite dull prices.-Reuters
Samsung Wins Apple Ruling Because It’s ‘Not as Cool’.-CNBC
Asia’s wrap up:
China Likely to Show Slowest Growth in Three Years.-CNBC
Japan’s Once Dominant Finance Ministry Rises Again as Noda Backs Sales Tax.-Bloomberg
China Bans Government Purchase of Luxury Goods.-Bloomberg
Euro Zone to Ease Budget Demand on Spain.-WSJ
Draghi pledges further action if needed.-FT
Euro Trades Near Two-Year Low Before French, Italian Production Reports.-Bloomberg
Euro-Breakup Scenario Spurs Danish Krone’s Appeal as Hedge in Binary Bet.-Bloomberg
Luxembourg’s Mersch Appointed to ECB Six-Member Executive Board.-Bloomberg
Norway steps in to stop oil shutdown.-FT
SNB reserves hit record on intervention.-FT
EUR: The euro crosses are moving sideways after recent loses. EUR-USD has inched higher after breaching the 1.22885 support zone. EUR-JPY is now trading above 97.50.
GBP: Sterling crosses are following the euro up on the day that industrial production figures are to be released in the UK. Cable is holding above the 1.5500 support area, while GBP-JPY trades close to 123.15. EUR-GBP is still moving below the 0.8000 psychological zone at 0,7925.
CHF: USD-CHF is consolidating after encountering a strong resistance level at 0.9800. Meanwhile, EUR-CHF is close to the 1.2000 floor that the SNB is determined to defend as recent reserve accumulation figures shows.
Nordics: The NOK the SEK are losing ground against the EUR and the USD after their recent rally. EUR-SEK is still below 8.70 and it is now trying to break the 8.60 support level.
USD & JPY: The greenback and the yen are showing their resilience within a risk averse environment. USD-JPY is falling towards 79.00 as there is talk of the need for QE3 by top Fed officials.
CAD, AUD & NZD: The three dollars are still in consolidation mode after reaching recent monthly highs against the USD and the JPY.
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