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- EIB: Says it cannot take part in bailouts that involve budget deficits or balance of payments support
- UK trade data disappointing
- Greek/German 10-year govt bond yield spread tightens to 351 bps from 365 bps Mondays settlement
- USD/JPY marginally firmer; buy, sell, stop orders noted
- Cable slumps; buy orders noted
- Greek pension system to face funding problems by 2015 if no changes made – Labour Minister
- BIS sells EUR/USD
- AUD/USD enjoys early rally
- Cable extends rally, but its slow going
- EUR/USD extends rally; sell orders, stops noted
- Cable touch higher early
- EUR/USD opens firmer
- No sooner do I post the ranges, everything starts to pop
- Asian FX market wrap: focus still on the EUR
- EUR/USD, EUR/JPY short covering heading into European open
- EUR/USD technicals: hourlies still look bearish, 1.3480 the key level
- Short EUR positioning at record levels
- I’m struggling to buy into this risk-aversion trade
- Around the markets
- Trichet leaving Sydney a day early to attend ECB meeting
| Posted: The European Investment Bank cannot take part in bailouts designed to help EU members weather budget deficit or balance of payments problems, the bank said in a statement today. There had been speculation that the EIB, which is owned by EU governments, could be used in some way to help Greece ... |
| Posted: UK December global trade balance has come in at -£7.278 bln, demonstrably worse than median forecast of -£6.63 bln, and a deterioration from revised -£6.798 bln seen in November. Trade gap widest since January 2009. Data not helped sterling, cable back bel0w 1.5600 again, presently at 1.5585. |
| Greek/German 10-year govt bond yield spread tightens to 351 bps from 365 bps Mondays settlement Posted: Portuguese/German 10-year government bond yield spread tightens to 156 bps from 167 bps at Monday's settlement Spanish/German 10-year government bond yield spread tightens to 94 bps from 101 bps at Monday's settlement. EUR/USD back up at 1.3740. To say the market was skittish this morning would be an understatement. |
| USD/JPY marginally firmer; buy, sell, stop orders noted Posted: While the rest of the majors play silly buggers USD/JPY has edged serenely higher in orderly fashion. We're presently at 89.70 from an early 89.35. Talk now has sell orders up at 89.90/00, stops through 90.10. On the downside, buy orders tipped at 89.00/20, stops just below there, with more buy ... |
| Cable slumps; buy orders noted Posted: Cable has come under heavy pressure, presently back down at 1.5585. I can't see any new news, although i could be missing something. Maybe someone influential has put out a sell recommendation. Anyways, talk buy orders now lined up at 1.5585 down through 1.5565. |
| Greek pension system to face funding problems by 2015 if no changes made – Labour Minister Posted: Greece considering raising average real retirement age to 63 from 61 by 2015. Retirement age 61 at present!!!! No wonder they got problems. |
| Posted: Around the 1.3740 level. Been as high as 1.3744, presently at 1.3725. |
| Posted: AUD/USD has enjoyed a decent rally amid talk of Asian sovereign buying, presently up at .8720 from an early .8680. Sell orders now tipped at .8725/30. |
| Cable extends rally, but its slow going Posted: Cable at 1.5643. Guess they'll be some sell orders lined up at 1.5650/60. If I had to hazard a guess where stops parked it would be through 60. No confirmation of such as yet. |
| EUR/USD extends rally; sell orders, stops noted Posted: EUR/USD has extended its rally, having been as high as 1.3728 so far. Talk of sell orders at 1.3730. Also talk of stops through 1.3750 and 1.3760, take your pick. Russia having been buying yesterday around 1.3640 area seems to be booking a little profit this morning, having been noted selling into ... |
| Posted: Cable trading a little firmer, presently at 1.5625. Overnight saw the release of UK RICS house price balance up at +32 from +30 in December. Elsewhere, BRC same store sales fell -0.7% y/y in January, while total annual sales growth came in at 1.2% (the weakest January performance in 15 years) Without ... |
| Posted: EUR/USD is trading firmer this morning, up at 1.3710 from a North American close Monday around 1.3660. News Trichet leaving central bankers meeting in Sydney day early to attend EU leaders meeting has the market in a bit of a tizzy, heightening speculation that a Greek rescue plan could be in the ... |
| No sooner do I post the ranges, everything starts to pop Posted: I'm told that stops in the EUR/JPY above 122.50 have been the trigger. The EUR/USD has popped up 20 pips to 1.3710 and there is talk of lots of trailing stops above 1.3720. |
| Asian FX market wrap: focus still on the EUR Posted: It has been an extremely quiet trading session in Asia today with the upcoming Chinese New Year having traders in holiday mode already. Trichet leaves Sydney 1 day early to attend ECB meeting UK house prices rise in January but activity drops off UK January retail sales worst in 15 years Suggestions rise that ... |
| EUR/USD, EUR/JPY short covering heading into European open Posted: Well were still some 90 minutes away from the European open but the EUR/USD and the EUR crosses are on their session highs as some short covering seems to be the name of the game. Trailing stops are being reported above 1.3720 and starting again above 1.3760 in the EUR/USD ... |
| EUR/USD technicals: hourlies still look bearish, 1.3480 the key level Posted: Looks like a wedge pattern forming on the hourly EUR/USD chart and this is generally a continuation pattern. In other words, more downside is favoured in the short term. Major technical support is at 1.3480 which is the 61.8% retracement of the 1.2450/1.5140 rally. There is further chart support behind ... |
| Short EUR positioning at record levels Posted: I'm always a little wary of reports such as this, but a friend of mine who works for a major European bank just rang after reading my rant on the EUR. He said that the latest report on speculative positioning in the professional market suggests that EUR short positioning is ... |
| I’m struggling to buy into this risk-aversion trade Posted: 12 months ago at the height of the global financial crisis, when worldwide stockmarkets were on their knees, EUR/JPY which is the main risk-aversion magnet in the FX market, was trading around 118. Somebody who follows the stockmarket closer than I will be able to say exactly, but I do ... |
| Posted: Both the Nikkei and the Kospi have reclaimed some of the earlier losses as regional investors haven't been overly spooked by the late fall on Wall Street. The Nikkei is now -0.5% and the Kospi is +0.2%. Gold is steady at $1065/oz. FX markets remain very quiet. |
| Trichet leaving Sydney a day early to attend ECB meeting Posted: This is the latest Bloomberg report on the movements of JC. Maybe he's got his own Papparazzi now? The FX market is showing no inclination to move with all of the majors trading in tight 20 pip ranges. |
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