May 26, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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UK Mortgage Approvals Edge Up In April From March – BBA

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--UK BBA: April S.Adj Mortgage Approvals 35,729 Vs 35,044 In March --UK BBA: April Approvals For Remortgaging 21,580 Vs 24,215 In March --UK BBA: April Mortgage Approvals Stg5.228Bn Vs Stg5.090 bln March LONDON (MNI) - UK mortgage approvals nudged up in April from March, rising to their ...

ECB’s Liikanen: Signs the financial system has started to slowly recover

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Past failures that led to crisis cannot be compensated for by overreacting ECB firmly committed to maintaining price stability Present monetary policy stance remains appropriate (i was very surprised to hear all the cobblers re an ECB rate cut while I was away. Funny old world) True recovery will begin when euro governments ...

Paramo:Criticism Of ECB Understandable, But No Need To Worry

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FRANKFURT (MNI) - Criticism of the European Central Bank's decision to purchase government securities is understandable, but markets have no need to worry about the bank's independence, ECB Executive Board member Jose Manuel Gonzalez-Paramo said Wednesday. "I think some of ...

ECB’s Noyer: Recent central bank intervention on markets does not point to new policy, measures remain exceptional

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Central bank's main objective remains controlling inflation Central banks must be seen as independent Price stability in euro zone not in doubt All indicators show that risk of accelerating inflation is very limited Markets can expect resolute action from central banks when turbulence threatens normal monetary policy functioning. But market not to get used ...

Spain’s PM says tax hikes for high earners in “next few weeks”

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Bleed the rich!!!!

ECB’s Paramo: Basel Liquidity Proposal Needs Further Review

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FRANKFURT (MNI) - The Basel Committee's proposal on liquidity addresses key shortcomings but may have a negative impact on the banking sector, financial markets and the real economy, European Central Bank Executive Board member Jose Manuel Gonzalez-Paramo said on Wednesday. ...

EUR/USD rallies back above 1.2300

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With sources reporting Russia and large US bank decent buyers in recent trade.  I also had reports BIS in market around 1.2290 but have to admit couldn't discern whether they were buying or selling. Interestingly the US bank mentioned buying EUR/USD was the same one mentioned buying EUR/GBP earlier.  They ...

ECB Liikanen: Bond Buying Is Not A Monetary Policy Change

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HELSINKI (MNI) - The European Central Bank's decision to begin purchasing EMU government securities does not constitute a change in monetary policy, ECB Governing Council member Erkki Liikanen said Wednesday in remarks provided by the Bank of Finland, which he heads. ...

Banks trim debt, obscuring risks

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Wall Street Journal report.  Just incase anyone didn't notice it in comments section.

EUR/GBP slips back

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Presently at .8545 amid talk US investment bank seen selling in recent trade.  Seems to be a clash of the titans going on in that cross at the moment, what with earlier reports of big US bank being decent buyer.

BOE Offers Unltd Usd In 7-Day Repo, Fixed Rate 1.23%

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LONDON ((MNI) - The Bank Of England said Wednsday it was offering an unlimited supply of U.S. dollars in a 7-day repo operation, settlement date May 27, maturing June 3 2010. The Bank said the repo would be at a fixed-rate, with the ...

ECB: E54.024 Bln Covered Bond Purchases Settled May 25

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FRANKFURT (MNI) - The European Central Bank said Wednesday that a total of E54.024 billion Eurosystem covered bond purchases had settled as of May 25. As of May 24, settled acquisitions had totaled E53.746 billion, the ECB said Tuesday. The ...

ECB Calls For Bids In 7-Day US$ Liquidity Providing Operation

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FRANKFURT (MNI) - The European Central Bank said Wednesday that it will launch a 7-day liquidity providing operation to ease pressures in the short-term U.S. dollar funding markets. The operation is carried out at a fixed rate of 1.23% with ...

Cable slips in early trade

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Amid talk of Middle Eastern selling.  We're down at 1.4355 from around 1.4390 when I first arrived.  A big US bank has also been noted buying EUR/GBP this morning (although it's only about 12 points firmer from when I got in) and this will  have helped pressure cable a little.

EUR/USD struggling to mount meaningful recovery, so far

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Amid talk of further Asian sovereign selling.  One ACB in particular has been noted and they've also been selling AUD/USD as well (AUD/USD down at .8225 from early .8260) On the flip side, talk of EUR/USD buy orders down at 1.2250/60, said to include sovereign interest (geographical location not forthcoming).

French May overall business morale stands at 96

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Unchanged from April.  April revised down from previous 97 read. April consumer spending -1.2% m/m, weaker than median forecast of -0.5%, but March data revised up to +1.6% m/m from previous +1.2%. Meanwhile EUR/USD steadying after early dip, presently at 1.2290.

Clinton: U.S. will stand with South Korea “in this difficult time”

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U.S. reviewing additional options to hold North Korea accountable for ship sinking All nations, including China, have interest in persuading North Korea to change course Crisis brought on by Cheonan sinking requires strong but measured response

German Gfk June consumer sentiment indicator 3.5 vs downwardly revised 3.7 in May (prev 3.8)

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Weaker than median forecast of  3.6.

OECD Chief Economist Paddan: Euro has been overvalued for too long – Le Figaro

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Weaker euro in short-term is good news for euro zone economy No risk of double dip recession in euro zone Gradual yuan rise desireable Comments, especially headline one, have helped fuel EUR/USD slide, presently down at 1.2263.

Japan Average Regular Gasoline Price Up 12th Week In Row

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TOKYO (MNI) - The average price of regular gasoline in Japan this week rose to Y139.6 ($1.55) per liter, or $5.89 per gallon, from Y139.5 last week, posting the 12th weekly rise in a row, according to data released by the Oil Information Center ...

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