May 4, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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UK CIPS Apr Manufacturing PMI Reaches 15 1/2-Year High

Posted:

--CIPS/Markit Say Manuf Output Grew 2% In 3 Months To April --See Big Contribution To Q2 GDP From Manufacturing --Output, Exports, Employment All Show Strong Gains In Survey LONDON (MNI) - The Markit/CIPS UK Manufacturing PMI hits its highest level in over 15 years in April. ...

EUR/USD continues lower after brief pause

Posted:

Moody's  Greek comments and poor German new car registration data hardly helped euro's cause.  Market finally found stops below 1.3150 and we've been down to 1.3131 so far.  Talk of more stops through 1.3130, while option defence is expected ahead of 1.3100 barrier option interest.

UK Data: BOE’s Favoured M4 Measure Spikes in March

Posted:

--BOE: Mar M4 Ex-intermediate OFCS 1.1% m/m; +5.9% 3m Annualised --BOE: UK Mar House Purchase Approvals 48,901 vs 46,882 Feb --BOE Mar M4 Ex-IOFCS Highest Since Q2 2008 ...

Correct:Analysis:Germany March Retail Sales Unexpectedly Drop

Posted:

--Correcting last paragraph to show that German propensity to make major purchase over next year did not rise for 3rd month running in April Seasonally adjusted real sales: March: -2.4% m/m, +2.7% y/y MNI survey median: +0.2% ...

UK April manufacturing PMI better than expected

Posted:

Has come in at 58.0, up from revised 57.3 in March, and better than median forecast of 57.4. Highest read since September 1994. Elsewhere, March mortgage approvals 48,901 vs 46,882 in February, in line with median forecast 49,000. Mortgage lending 0.318 bln, down from 1.848 bln in February, and some way short ...

German new car registrations fall 32% in April – Auto Assn VDIK

Posted:

 Fall 25% in first four months of 2010.

France Lower House Approves E16.8 Bln In Greece Aid

Posted:

PARIS (MNI) - France's lower house of parliament, the National Assembly, voted late Monday night to approve E16.8 billion in loans to Greece over three years, which is the French contribution to the Eurozone's E80 billion Greek aid package. The ...

Moody’s says EU/IMF rescue package not an end to Greek fiscal crisis

Posted:

Whether Greece can actually adjust budget deficit in line with targets is key.

EUR/USD steadies a little

Posted:

Having posted session low 1.3147,  EUR/USD presently back up at 1.3170 amid talk of sovereign purchases.  Elsewhere, USD/JPY rally has once again been repelled by option defence selling ahead of 95.00 barrier option interest.  We're back down at 94.75 presently.

Germany Confirms To Launch Jun ‘12 2Y Schatz By E7 Bn May 12

Posted:

FRANKFURT (MNI) - The German federal government will auction about E7 billion in the initial sale of its June 2012 two-year notes (Schatzanweisungen) on May 12, the Bundesbank confirmed Tuesday. The formal tender offer will be made on Tuesday, May ...

Greek government workers to escalate protests over budget cuts

Posted:

Oh-eh.   Bloomberg report.

ECB: E50.673 Bln Covered Bond Purchases Settled May 3

Posted:

FRANKFURT (MNI) - The European Central Bank said Tuesday that a total of E50.673 billion Eurosystem covered bond purchases had settled as of May 3. As of May 2, settled acquisitions had totaled E50.243 billion, the ECB said Monday. The ...

German govt source: Greek capital requirements to 2012 are greater than the size of bailout package

Posted:

Bailout package assumes Greece will return to capital markets after 18 months, step-by-step EUR/USD new session low 1.3158.

Trichet may need to rewrite ECB rule book to tame Greek threat

Posted:

ECB's Trichet, who capitulated on a January pledge not to relax lending rules for the sake of one country, may have to sacrifice more principles to prevent Greece from bringing down the euro.  Bloomberg article. Meanwhile EUR/USD hovering around session low, presently at 1.3175.

ECB Liikanen: EMU Recovery Ongoing, Not Endangered By Greece

Posted:

HELSINKI (MNI) - The Eurozone economic recovery is underway and not endangered by the crisis in Greece, where prospects have improved as a result of the aid plan, European Central Bank Governing Council member Erkki Liikanen said Tuesday. The head ...

Fingers on the button at the ECB

Posted:

Anatole Kaletsky at The Times

USD/JPY retains firm feel in early European trade

Posted:

Sits presently at 94.95, just below well-documented 95.00 barrier option interest.  Underpinned by U.S./Japanese yield picture/expectations and increased concern over Japanese public finances. Talk of buy orders down at 94.50/60.  Probably short-term spec stops gathered just below there.

Analysis: Germany’s March Retail Sales Unexpectedly Decline

Posted:

Seasonally adjusted real sales: March: -2.4% m/m, +2.7% y/y MNI survey median: +0.2% m/m, -0.6% y/y MNI survey range: -0.5% to +0.6% m/m February: +1.1 m/m, -0.4% y/y (revised from -0.4%/-0.9%) -- ...

A short and winding road for the euro

Posted:

Article in WSJ. EUR/USD down at 1.3180.  Buy orders 1.3150/60, sell stops below 1.3150. Barrier option 1.3100, defence expected if approached.

Cable steady as we head toward general election

Posted:

Cable at 1.5260 is pretty much where it closed out Monday in North America.  Polls suggest David Cameron and the Conservatives are on a roll.  Interestingly enough leading UK bookmaker Ladbrokes still favours no party winning an overall majority i.e a hung parliament.  Latest odds this morning: Conservative overall majority 1/1 (evens)   ...

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