Friday 22nd June, 2012 – FX- Daily Foreign Currency News

As we write this morning it has been reported that the Spanish Government have carried out independent assessments and consider Spain will need between €16 and €62 billion to recapitalize the nation’s banks. The reports show that Spanish banks’ fund needs amount to €16-25 billon in central scenario and between €51-62 billon in adverse scenario.

It also appears that European flows just ahead of equities opening are taking the EUR/USD down and are plunging towards 1.2500 . A fast 40-pip move as markets feel increasingly pressured by increasingly lower manufacturing PMI everywhere.

In other parts of the EU, Cyprus are still in talks to obtain a rescue package and it has been reported that they have been talking to Russia with regard to a Loan and Greece will likely get a 2-year extension to implement reforms. Today’s “special EU summit” precedes the important and “decisive” EU meeting ahead next week. The market might price in expectations soon.

China’s manufacturing activity deteriorated in June, according to preliminary HSBC data released Thursday which registered a seven month low, indicating that global problems were taking a mounting toll on China’s export dependent industries.

In the UK the Confederation of British Industry reported that the index that measures expectations of industrial orders gained 6.0 points and reached minus 11.0, improving from May’s minus 17.0

The EUR/GBP seems to have stabilized around the 0.8040 region on Friday after the sharp sell-off in yesterday’s session, with both the sterling and the single currency falling to new lows against the buck and posed to remain under pressure in the upcoming days.

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