Jun 7, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

Link to ForexLive

ECB’s Costa: It is urgent to show debt path is sustainable in Portugal

Posted:

Portugal's banking system is solid

Euro zone sentix index rises to -4.1 in June

Posted:

From -6.4 in May.  Better than general forecasts which had been calling for a decline. EUR/USD up marginally on day in slow trade, presently at 1.1945.

Hungary govt considering bank tax among options to ease budget pressure – Index website citing unnamed sources

Posted:

Meanwhile,  Hungary 5 year credit default swaps rise to 419 bps, up 19 bps from Fridays close.

Russia C.Bank says some reserves invested in Spanish bonds

Posted:

Sees chances of default as close to zero.

ECB Nowotny: E. Europe Growth Won’t Return To Pre-Crisis Pace

Posted:

PARIS (MNI) - Economic growth in central and eastern Europe will not return to the "exceptional" pre-crisis pace in the future, since there will better control of lending, ECB Governing Council member Ewald Nowotny predicted Monday. For many eastern EU ...

Germany Wise Man: German Budget Cuts Put EU Economy At Risk

Posted:

BERLIN (MNI) - Peter Bofinger, a member of the German government's council of independent economic advisers -- the so-called five wise men -- warned Monday in a television interview that Germany's public budget cutting efforts could threaten the European economic recovery. ...

BIS buys EUR/USD

Posted:

Seemingly in 1.1925/30 area. We're presently at 1.1935.

ECB: E55.848 Bln Covered Bond Purchases Settled Jun 6

Posted:

FRANKFURT (MNI) - The European Central Bank said Monday that a total of E55.848 billion Eurosystem covered bond purchases had settled as of June 6. As of June 3, settled acquisitions had totaled E55.416 billion, the ECB said Friday. The ...

EUR/USD slips back again as usual suspects turn up selling

Posted:

We're back to where we started, EUR/USD presently back at 1.1926.  The euro bulls couldn't get past the aforementioned sell orders at 1.1955/65, with US hedge fund selling noted.

EUR/USD marginally firmer in cautious start to European trade

Posted:

EUR/USD has edged up to 1.1950 at writing in a cagey start to European trading. Talk of sell orders now at 1.1955/65 and more at 1.1990/00. Probably stops parked not far north of the psychological 1.2000.

Britain to emulate Canada’s radical solution to tackle debt

Posted:

George Osborne is planning to eradicate Britain's budget deficit by emulating Canada, where borrowing was brought under control within just three years by spending cuts of 20%.

Hungary EconMin: There are worrying signs over Hungary budget – CNBC

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Government will stick to 3.8% budget deficit target "It is blatant" that Hungary is not Greece There were blunders but new government will keep deficit under control No need for austerity, but no option for stimulus We have to cut budget expenditures and bureaucracy We must boost investments We need to save 1-1.5% of GDP in ...

Germany Data: MNI Survey Of Econ Data Forecasts, June 7

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...

Euro continues lower during Asian trade

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Still no respite for the beleaguered euro, EUR/USD down at 1.1925 from a North American close Friday up around 1.1965, having been as low as 1.1878.  The market will have noted the article in The Telegraph entitled "Euro will be dead in five years."  Elsewhere Roubini has come out warning that the ...

ForexLive Asian market wrap: doom and gloom across all markets

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Regional stockmarkets fall by up to 4% Oil falls by 2% German court considers interim ban against German involvement in EU/IMF aid packages G20 suggests that fiscal expansionary days are over UK Telegraph survey of major economists concludes that EUR will be dead within 5 years Australian job ads +4.3% The sharp falls on Wall Street ...

Market quietens awaiting European arrival

Posted:

I don't think anybody is brave enough to be going limit long EUR into the European open as the downside seems too open. Bounces have been limited to less than 50 pips and if European stockmarkets incur heavy losses, then there could be a lot more downside. I'm sitting it ...

First bounce of the day in the JPY crosses

Posted:

There's obviously a very good reason that traders have placed their stops below 90.90 in USD/JPY as the market has not been able to break below 91.00. EUR/USD and AUD/USD are also managing a small recovery but sentiment will nevertheless remain fairly negative as we head into the European open ...

Speaking of doom and gloom

Posted:

Who better to spend an hour with than the always thought-proving Marc Faber.

Nikkei closes AM session -4%, EUR/JPY on lows

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EUR/JPY is trading on it's session lows at 108.10 as the Nikkei shows no signs of wanting to halt its fall. More stops said to be sitting just below 90.90 in the USD/JPY and that could accelerate the bearish momentum in the crosses if they go off.

Quick look at the order book

Posted:

EUR/USD: offers now building at 1.2000; option barriers seen at 1.1800 and 1.1750 (larger) which should act as a magnet Cable: offers 1.4540/60; bids 1.4350 but stops also close to this level (mixed bag) AUD/USD: corporate bids .8050/80; possible option barriers at .8000 with big stops rumoured just below USD/JPY: stop-loss sell orders below ...
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