By Francisco Miñana
Date: Thursday 28 Jun 2012
This is a FOREX market update at the european session preopen.
Merkel Buries Eurobonds as Summit Tension Rises.-CNBC
European Leaders Seek to Overcome Divisions in Summit Bid to Check Crisis.-Bloomberg
OECD Chief Urges Leaders to Protect Spain and Italy.-WSJ
European Banks Are Facing Pain in Spain.-WSJ
Emerging market growth doubts hit currencies.-FT
Roubini: We're Headed for a Global Perfect Storm.-Bloomberg
Does the Global Economy Need Even More Money Printing?.-CNBC
America’s wrap up:
Obama Risks Legacy With Health-Care Fight.-Bloomberg
California's Stockton Opts to File for Bankruptcy.-CNBC
Fed officials differ on whether more easing needed.-Reuters
Fed Has Fallen Short of 'Balanced Approach': Evans.-CNBC
Amazon to Add Social Gaming Features to Kindle.-Bloomberg
Insecurity fails to stem Mexico’s growth.-FT
Asia’s wrap up:
Asian Stocks, Oil Gain on U.S. Economic Data.-Bloomberg
Japan’s Retail Sales Rose A More-Than-Forecast 3.6% In May.-Bloomberg
Singh Seeks to Restart India Growth as Rupee Drop Saps Confidence: Economy.-Bloomberg
South Korea’s Current-Account Surplus Widens to Six-Month High on Exports.-Bloomberg
Japan Slump Won't Deter Sales Tax Boost: Ex-Official.-Bloomberg
H.K. at Record Wealth Gap as Leung Takes Lead.-Bloomberg
Tepco Plans to Restart World’s Biggest Nuclear Plant.-Bloomberg
China-Vietnam row hits energy groups.-FT
Britain Outside the EU: Switzerland With Nukes?.-CNBC
Barclays paying $453 million to settle Libor probe.-Reuters
Monti gets approval for labour reforms.-FT
Football reflects economics for Germany.-FT
Spain Stands One Win From Immortality.-WSJ
EUR: The euro crosses are still entrenched in a sideways pattern while waiting for the results of the European Council summit that starts today in Brussels. It is expected to see some steps towards a banking union. Meanwhile, Angela Merkel has downplayed the need for eurobonds. The EUR-USD is moving a little bit above 1.2500, while EUR-JPY is holding below the 100 psychological zone, pivoting in the 99.50 area.
GBP: Sterling crosses are looking for fresh gains on the day that the ONS will release its final 1Q GDP figures. Cable is gaining traction and is now above the 1.5600 area; while GBP-JPY is still trading below but close to 124. EUR-GBP is consolidating levels towards 0.8015 after stopping short to 0.8030.
CHF: We see few changes in the Swiss franc. USD-CHF is trading above 0.9600 while the EUR-CHF is stuck in the familiar range close to 1.20 that the SNB is determined to defend. SNB member Danthine says they are prepared to use “other instruments” if the scenario worsens.
Nordics: The NOK and the SEK are loosing strength against the USD and especially versus the EUR. EUR-NOK may soon test the resistance zone at 7.5554.
USD: The greenback is showing a downward bias after yesterday’s strong pending home sales numbers and durable goods orders. USD-JPY is moving below but close to the 79.50 level.
CAD, AUD & NZD: The three dollars are advancing against the USD and the JPY. AUD-USD is still trading well above the parity zone. Meanwhile, the USD-CAD could try to break the 1.0230 support level.
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