Slightly below median forecast of +0.3%.  Not surprising given weak German data we saw earlier.

LONDON (MNI) – House prices rose at their fastest monthly pace in three months in June although they were still down on the year, according to figures released by the Department for Communities and Local Government. House prices rose a seasonally adjusted 0.6% on the month but were down 2% on levels a year earlier. [...]

We sit at 1.6350. Heard stops through 1.6320 and through 1.6380. Which will be tripped first? Now you gotta be quick on this one, no cheating.

This morning, apparently. AUD/USD is down at 1.0425 from around 1.0480 when I parked my bum.

–Jul CPI unch. m/m; +4.4% y/y vs Jun 4.2% y/y; above median –Jul core CPI unch. m/m; +3.1% y/y vs Jun 2.8% y/y; above median –Jul RPI -0.2% m/m; +5% y/y; Jul RPIX -0.3% m/m; 5% y/y LONDON (MNI) – Consumer price inflation rose unexpectedly in July, boosted by the cost of financial services, according [...]

UK DATA: Jul CPI unch. m/m; +4.4% y/y vs Jun 4.2% y/y; above median –Jul core CPI unch. m/m; +3.1% y/y vs Jun 2.8% y/y; above median –Jul RPI -0.2% m/m; +5% y/y; Jul RPIX -0.3% m/m; 5% y/y ———————————————————————— Consumer prices were unchanged on the month in July but inflation rose to 4.4% from [...]

Versus 3.79 bln at previous auction. Bid to cover ratio 2.1 from 2.2 at previous auction Average yield 12-month bill 3.335% vs previous 3.702% (thank you ECB) Sells 1.54 bln 18-month bills versus 0.66 bln at previous auction Bid to cover ratio 3.2 from 5.5 at previous auction Average yield 18-month bill 3.592% vs previous [...]

Touch firmer than median forecasts of -0.1%, +4.3% respectively. ONS says upward pressures from higher prices for financial services, less discounting for clothes, shoes, furniture. Don’t worry, all the above will change as the economy goes into the shitter Cable marginally firmer post release, presently at 1.6345. Talk of sell stops through 1.6320.

Up at 1.4390+ We’re at 1.4385. European stocks taking a tonking. FTSE down 1.2%, DAX down 2.3%, CAC 40 down 2% One would almost say EUR/USD is showing admirable resilience.  Bummer  Rebound in EUR/CHF, presently at 1.1280 from session low 1.1176, will be lending EUR/USD some support.

5 year duration. EUR/USD back up at 1.4390 from session low 1.4365.

FRANKFURT (MNI) – The call from within German Chancellor Merkel’s own party for a more enlightened debate on eurobonds is becoming louder, according to a report in Handelsblatt Tuesday. “It makes no sense to just have a black and white debate,” Christian Democrat member of parliament Johann Wadephul told Handelsblatt. “We may not need [eurobonds] [...]

Soooooo tight-lipped.

I don’t know about you lot, but Im certainly ALARMED!!!!!! There is more uncertainty about economic growth than before ECB has acted decisively to ensure transmission of monetary policy (personally think they might have cocked up) Monetary policy alone cannot solve markets’ tension, governments and parliaments must act Sees increased risk of slower growth in [...]

EUR/CHF has recovered from the session low 1.1176 seen post German GDP, presently back up at 1.1220.

USD/JPY sits at 76.75, little changed in slow trade Buy orders seen clustered  76.50/60.  Sell stops below 76.50 before more buy orders clustered 76.25 and 76.00/10. More sell stops below 76.00. Topside, sell orders clustered 77.00/10,  buy stops above 10 before more sell orders clustered 77.40/50.  More buy stops through 77.55.

Well it’s a nice big round number, so why not We’re at 80.07.

EUR/USD sits at 1.4385. Talk buy orders clustered 1.4370/80, sell stops below 70 before more buy orders clustered around 1.4350. More sell stops seen below 1.4325.

GERMANY DATA: 2q real prel. GDP sa +0.1% q/q, wda +2.7% y/y: Destatis – Germany 2q real GDP sa q/q below all fcasts, MNI med. +0.4% – Germany 2q non-seasonally adjusted GDP +2.8% y/y – Germany 1q GDP sa rev +1.3% q/q (+1.5%); wda rev +4.7% y/y (+4.9%) – See MNI MainWire for details

DAX futures down -0.2%, CAC 40 futures flat.

Much weaker than median forecast of +0.5% Holy smokes!!! German stats office says brakes on growth came from overall trade balance, consumption and construction investment. When I awoke this morning first thing I heard on the radio was George Soros talking about a euro zone recession.  EUR/USD has tripped stops below 1.4400 reaching session low [...]