Your forexlive

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• Greek 5 year credit default swap hits record high of 2,525 bps, up a mere 130 bps on day
• Cable gives a little ground
• Ireland Committed To Reforms; Difficult Years Remain: Dep PM
• EUR/GBP touch lower on day; buy orders, stops noted
• Italy judges in Berlusconi sex trial reject defence request to move trial to special ministerial tribunal
• Eurozone Govts Consider Bank Levy For Rescue Of Greece: Press
• Are we about to get a ‘Pop goes the weasel headline?’
• Model accounts buying AUD/USD
• I might not know……
• Southern Exposure for Europe’s Banks – WSJ
• Eurostoxx 50 futures down -0.6% early
• A modest proposal for euro zone break up
• Swiss firms deal away from the strong franc
• ForexLive Asian market wrap: CHF gains again amid widespread risk aversion
• Around the markets
• China June housing inflation +4.2% YoY
• Cross action aplenty
• UK houses prices fall in July- Rightmove
• CHF staying very choppy
• Risk trades staying heavy

Greek 5 year credit default swap hits record high of 2,525 bps, up a mere 130 bps on day Posted: Spanish 5 year cds hits record high of 370 bps, up 20 bps on day Italian 5 year cds hits record high 325 bps, up 17 bps on day

Cable gives a little ground Posted: Down about quarter of a cent from when I got in. Presently at 1.6083. Talk of sell stops through 1.6060.

Ireland Committed To Reforms; Difficult Years Remain: Dep PM Posted: BRUSSELS (MNI) – Ireland will need to make further painful cutbacks in the years ahead and is committed to the economic reforms in its EU-IMF bailout package, Deputy Prime Minister Eamon Gilmore said here Monday. Today’s economic crisis is the greatest Ireland has ever faced, but already there are some positive signs, including a rebound [...]

EUR/GBP touch lower on day; buy orders, stops noted Posted: Down at ..8715 from around .8730 when I sat down. Talk of buy orders clustered 8690/00, sell stops below there.

Italy judges in Berlusconi sex trial reject defence request to move trial to special ministerial tribunal Posted:

Eurozone Govts Consider Bank Levy For Rescue Of Greece: Press Posted: BERLIN (MNI) – Eurozone governments are considering introducing a bank levy in order to involve private creditors in the planned new fiscal aid program for Greece, the German daily Die Welt reported Monday, citing senior EU diplomatic sources. According to the paper, the bank levy is to be also valid for financial institutions in the [...]

Are we about to get a ‘Pop goes the weasel headline?’ Posted: I hope so. Might cheer me up a bit. Gold has been up as high as 1598.90. Talk last week of 1600 barrier option interest, stops through 1601.

Model accounts buying AUD/USD Posted: In recent trade. We’re up at 1.0600. As aforementioned, sell stops through 1.0580.

I might not know…… Posted: Where the EUR/USD sell stops are But apparently AUD/USD sell stops through 1.0580. We’re at 1.0590.

Southern Exposure for Europe’s Banks – WSJ Posted: Here you go If you want to read article, take the headline and do a Google search.

Eurostoxx 50 futures down -0.6% early Posted: DAX futures down -0.6%, CAC 40 futures down -0.4%. EUR/USD has traded lower in Asia, down at 1.4065 from a North American close Friday up around 1.4155. Euro zone concerns remain to the fore and risk is pretty much off. Just getting reports of buy orders clustered 1.4020/40. Probably sell stops close by below that lot, [...]

A modest proposal for euro zone break up Posted: Latest from AEP at The Telegraph.

Swiss firms deal away from the strong franc Posted: WSJ article

ForexLive Asian market wrap: CHF gains again amid widespread risk aversion Posted: New Zealand CPI +1% QoQ China housing inflation +4.2% YoY, up slightly from previous month UK house prices falling again- Rightmove UK wage demands stay steady- EEF Gold rises to record high just below $1600/oz Japanese financial markets closed today; regional bourses -0.5% UK interest rates could rise sooner than expected- report EZ leaders to [...]

Around the markets Posted: Regional bourses are lower by just under 0.5% on average. Gold is trading at $1597/oz, having earlier seen record highs above $1599/oz. Oil is trading flat at $97.20 but some soft commodities like wheat and corn are over 1% lower. EUR/USD bottomed out at 1.4059 earlier, helped by some significant bids in EUR/GBP, though most [...]

China June housing inflation +4.2% YoY Posted: That is a slightly faster rise than the 4.1% seen in May and shows that the increasing interest rates aren’t yet having the desired effect.

Cross action aplenty Posted: Brief intermission but hopefully not much will happen in the next hour. I’ll be back fairly soon to do the wrap.

UK houses prices fall in July- Rightmove Posted: House asking prices in the UK were lowered by 1.6% in July, leaving them flat on the year, according to the latest Rightmove survey.

CHF staying very choppy Posted: USD/CHF is trying to close the gap created by this morning’s lower opening and liquidity is as usual poor, exacerbated today by the Tokyo holiday. The push lower in EUR/CHF this morning was driven through by a large Swiss bank, intent on triggering stops below 1.1400.

Risk trades staying heavy Posted: No sign of any let up in the risk trade selling; EUR/CHF is back close to 1.1400 and both EUR/JPY and AUD/JPY remain heavy. Stops below 1.4080 have been triggered and selling intraday rallies now looks like the safer strategy.