Thursday update… Gosh is it Thursday already

Narrowly mixed is a phrase I hate as it usually means that the writer has no ideas on the markets. So yes markets do remain in narrow ranges with conclusions hard to draw. The Euro has performed ok up against the yen sterling and at the top of its range against the US currency. It has not faired so well against the Swiss franc back to EUR/CHF 1.2050 from close to 1.21. That's chicken feed in percentage terms but leaves the Euro verdict split really.
The Stock markets have lost their thrust but without any notable sell-off and while they are off best levels its really only oil and gold and some other commodities that inspire some interest. Certainly there seems some anxiety that a geopolitical event is going to force oil prices higher at a time that economically they need to be lower.
Anyway back to forex matters. If anything and that's just a hunch I get the feel that EUR/USD still needs a move higher clearing some shorts before we go down. I would not rule out EUR/USD 1.3550/1.3600 although I wouldn't have the you know what to go long and still consider any up move to be a short position building move............I hope. We trade near 1.33 now

Headlines

• China. Comments that the growth target will be lowered, more about quality than quantity. China has maintained growth around 8% for the last 5 years
• Fitch. The ratings agency has cut Greece to a C which means default highly likely.. That might have saved a few bob if it was made 2 years ago
• Greece... Finance minister says bankruptcy no longer a threat. Not with €130 billion of European money its not and that not for long
• Australia..Ausie pm calls for confidence vote. The AUS$ at 1.0650 has been weaker last few sessions
• ECB..No Peripheral bond purchase for the last week or so shows that the banks are supporting markets all be it with ECB money
• US. US treasuries have continued to weaken. This has helped the Yen weaken or is it just safe havens suffering