ECB/EC/IMF statement: Overall assessment is that Greek programme has made a strong start IMF Mission Chief for Greece:  Country on track with reforms, 2nd aid tranche secured ECB official: Greece has made substantial progress in restoring soundness of financial situation German June manufacturing orders +3.2% m/m, much stronger than median forecast of +1.5% Ignore the forex hype and listen to Japan's Finance Minister - WSJ Bank of England leaves rates, QE unchanged, as expectedA good amount of price action this morning.EUR/USD up at 1.3212 from early 1.3155, but inbetween we've been as low as 1.3120 and as high as 1.3224.Euro not helped early by rumour Shell lining up purchase of Canadian oil/gas co Encana (mkt cap c$ 23 bln).  The potential M&A flows weighed on the single currency.  They also weighed on cable which came under heavy pressure.  Some apparent confusion, not helped by the fact Royal Dutch Shell is a  multi national company with HQ in the Netherlands while incorporated in the UK.We got to the low before notable buying from large US commercial bank helped provide much-needed support.  We got back to around 1.3150/55 where the BIS stepped in selling.  We paused briefly but then spurted higher as positive comments regarding Greece (see above) littered the wires.We paused briefly as sellers emerged in 1.3190/00 area, but better than expected German manufacturing orders helped provide a further lift. Stops through 1.3200 were tripped on way to 1.3224 session high.  More stops seen through 1.3230.USD/CHF down at 1.0460 from early 1.0525.  Big US custody bank was a very notable seller of this pairing today.Cable up at 1.5915 from early 1.5880, but it sank as low as 1.5822 at one stage as decent-sized stops were tripped through 1.5860. The sell-off came as the Shell M&A rumours swirled.We even heard talk a European central bank was selling GBP/CAD. How bizzarre.  GBP/CAD down at 1.6100 from early 1.6150, having been as low as 1.6030/40 at one stage.USD/JPY sidelined this morning. Presently at 86.10, effectively unchanged on the morning.

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