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European session FX preopen

By Francisco Miñana

Date: Wednesday 27 Jun 2012

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

Main headlines:

New Plan Sees Closer Euro-Zone Ties.-WSJ

Merkel buries euro bonds, summit tension rises.-Reuters

Draghi May Enter Interest-Rate Twilight Zone Where Bernanke Fears to Tread.-Bloomberg

World Gold Council: Environment Difficult for Gold.-Bloomberg

America’s wrap up:

OECD raises red flag on U.S. long-term unemployment.-Reuters

Consumer confidence in the U.S. down for fourth month.-Reuters

Fed's "Operation Twist" has only minor effects: Fisher.-Reuters

Fed's Lacker opposes more stimulus.-Reuters

The American Dream Is Now a Myth: Joseph Stiglitz.-CNBC

Brazil Rate Futures Yields Fall to Record on Europe Concern; Real Weakens.-Bloomberg

Peña Nieto extends lead as Mexico vote nears.-Reuters

Asia’s wrap up:

Renminbi to increase global trade role.-FT

A dollar shortage in Asia threatens to restrict credit growth.-FT

Asia Stocks Snap 4-Day Loss Before Euro Summit.-Bloomberg

Japan Sales Tax Risks Growth Grinding to Halt.-Bloomberg

China to Strengthen Financial Ties With H.K..-Bloomberg

Singapore Homes Most Affordable as Rents Climb.-Bloomberg

Commodity currencies defy prices gloom:Aussie and Canadian dollar hold up despite slide in raw materials.-FT

European preview:

King warns MPs crisis not even half over.-FT

Germany's Credit Rating Slashed by Egan-Jones.-CNBC

France raises minimum wage.-FT

Spain Considers Sweeping Tax Hikes to Please EU.-CNBC

Greece names Stournaras finance minister.-FT

Martin Wolf: Look beyond summits for euro salvation.-FT

FOREX action

EUR: Euro crosses are moving sideways while waiting for the results of the European Council summit in Brussels. Angela Merkel has added some tension with her remarks on eurobonds. The EUR-USD is still close to 1.2500. The EUR-JPY is holds below the 100 psychological zone.

GBP: Sterling crosses are showing few changes. Cable is retracing a bit, but it is still above the 1.5600 area; while GBP-JPY is still trading above 124. EUR-GBP is consolidating at the 0.8000 support zone.

CHF: The Swiss franc is behaving the same as the rest of the European crosses, with USD-CHF now moving above 0.9600. EUR-CHF is stuck in the familiar range close to 1.20 that the SNB is determined to defend.

USD: The greenback is showing an upward bias due to European concerns. After yesterday’s weak consumer confidence numbers, today the market will pay close attention to durable goods orders as well as pending home sales. The USD-JPY is moving close to the 79.50 level.

CAD, AUD & NZD: The "three dollar" crosses are showing little weakness against the USD and the JPY. AUD-USD is still trading above the parity zone. Meanwhile, USD-CAD is trying to break the 1.03 resistance level.

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