London Session - July 9, 2009 5:49 AM

A reversal of yesterday’s rush into safe haven currencies has been the predominate theme of the session. News of a 48% rise in Chinese car sales in June and the release this morning of better than expected May trade data from Germany showing a rose in 0.3% m/m rise in exports has helped offset pessimism regarding the global economic outlook. The German trade data comes on the heels of this week’s stronger than expected German industrial output and factory orders data. The related better tone in stock markets combined with verbal intervention from a Japanese government official has stimulated buying in ‘riskier’ currencies and squeezed the yen lower across the board. Full text »