Holiday trading keeps risk firm despite Greek delays
City Index November 23, 2012 1:40 PM
<p>FX trading remains in tight ranges as a holiday in Japan followed the thanks giving celebrations in the US with only the JPY trading slightly […]</p>
FX trading remains in tight ranges as a holiday in Japan followed the thanks giving celebrations in the US with only the JPY trading slightly stronger following an article in the WSJ that has cited LDP leader Shinzo Abe saying that he is reluctant to intervene in the JPY if he is elected in December. (He’s also noticed it doesn’t work then)
EU President Van Rompuy called an end to the first day of the EU Summit at around 11pm London time last night to allow heads of state some time to study a revised budget proposal. The German Chancellor Angela Merkel said that she doubts a budget deal will be reached at this week’s summit and most likely a second summit will be needed early next year but with media reports that the IMF could be weakening their stance on the 2020 Greek debt levels and the market now getting used to that any issue in Europe isn’t resolved until the day before the deadline the risk trade and the single currency hold onto their gains with the later trading on the 1.2900 handle in early European trading.
The data highlight today will the German IFO at 9am this morning.
German IFO Business Climate Last 100 Exp 100
German IFO Current Assessment Last 107.3 Exp 106.0
German IFO Business Expectations Last 93.2 Exp 94.0
Supports 1.2860-1.2840-1.2800 | Resistance 1.2920-1.2985-1.3020
Supports 82.10-81.60-80.90 | Resistance 82.85-83.20-83.30
Supports 1.5925-1.5880-1.5825 | Resistance 1.5985-16000-1.6040
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