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Sterling stole the limelight this morning, being pummelled by worse than expected economic data. The CHF has rallied on comments from the SNB that it does not have a specific intervention level for the CHF. The AUD attempted to push higher overnight aided by higher oil acm forex mercado de divisas guatemala and a strong business confidence indicator.

USD was unable to hold above 0. 800 and has subsequently moved back below its 0. USD has been subdued during London hours. Insofar as the market has become accustomed to stronger than expected numbers on the UK economy over the past month or so, these data served as a reminder that the economy has a long way to go before recovery is firmly established.

Also bringing bad news was the UK May public finances data. The PSNCR rose to GBP 18. As expected the SNB kept its interest rates target unchanged this morning at 0. The CHF strengthened, however, as policymaker Jordon admitted that the SNB does not have a specific intervention target for the CHF. This had the effect of calming market fears over the imminence of intervention. CHF found support around the 1. CAD has stayed close to its closing level ahead of this afternoon’s Canadian May CPI data.

The USD is cautious ahead of the release of the June Philly Fed survey and May leading indicators. US initial claims data are also due. Click here to receive a weekly summary of key market developments and the likely impact on the upcoming trading week. Disclaimer: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency.

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The USD gave back some of its recent gains in the Asian Session. The EURUSD traded higher to 1. 3760, while the USDJPY traded lower to 96. JPY crosses came under significant selling pressure, as risk appetite continues to deteriorate. 75 low, while the AUDJPY slid to 76. Markets will be cautiously watching today’s BRIC summit.