Jun 9, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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Well…….

Posted:

Have been getting reports of Asian sovereign selling in 50's, 60's and 70's, so guess it's no real surprise we're back down at 1.1946.  The tedium continues.  Rangebound?, I should coco.......

UK Data: April Trade Levels Declines; Air Travel Disrupted

Posted:

--UK Apr Global Goods Trade Deficit stg7.279b vs stg7.259b Mar --UK Apr Non-EU Goods Trade Deficit stg3.991b vs stg4.037b Mar --UK Apr Total Trade Deficit stg3.263b vs stg3.174b Mar --UK Apr Global Trade Gap Ex-oil/erratics stg6.411b v stg7.144b Mar ...

Update: Japan’s Noda: Drastic FX Moves Bad; Won’t Guide Rates

Posted:

-- Adds Quotes, Background From 16th Paragraph TOKYO (MNI) - Japanese Finance Minister Yoshihiko Noda on Wednesday said excessive fluctuations in foreign exchange rates would hurt economic growth and financial system stability but also vowed not to guide forex rates in any direction. ...

UK April global goods trade balance -7.279 bln

Posted:

Compared to median forecast of -7.0 bln. Non EU trade deficit -3.991 bln, pretty much in line with -3.9 bln median forecast. ONS says value of exports, imports affected by disruption to air traffic due to volcanic ash cloud.

Spanish banks frozen out of interbank market – Report

Posted:

Thanks to Pet for heads up on this report, which is being duly noted by the market.  Not that it seems to have had any real impact as yet though. Maybe it's helping slow EUR/USD advance.

Merkel, Sarkozy: EU Shld Consider EU-Wide Naked Short Sell Ban

Posted:

BERLIN (MNI) - German Chancellor Angel Merkel and French President Nicolas Sarkozy in a joint letter have urged European Commission President Jose Manual Barroso to speed up efforts to introduce stricter controls for CDS markets and uncovered short-selling and to consider ...

Japan Average Regular Gasoline Price Drops For 2 Wks In Row

Posted:

TOKYO (MNI) - The average price of regular gasoline in Japan this week fell to Y138.3 ($1.51) per liter, or $5.74 per gallon, from Y139.3 last week, posting the second consecutive weekly drop, according to data released by the Oil Information Center on Wednesday. ...

Japan MOF Noda: Excessive FX Moves Bad But Won’t Guide Rates

Posted:

TOKYO (MNI) - Japanese Finance Minister Yoshihiko Noda on Wednesday said excessive fluctuations in foreign exchange rates would hurt economic growth and financial system stability but also vowed not to guide forex rates in any direction. ...

Wow, the joint is really hopping!!!

Posted:

Yer right. Lacklustre trade continues. EUR/USD up at 1.1975.  Added to talk of stops above 1.2010 now getting reports of stops above 1.2000. Talk also of 1.1900, 1.1950, 1.1975, 1.2000 option expiries today. EUR/JPY up at 119.60 from early 119.35. Talk of stops just above 110.00. Whole lotta talk, just not much action.

BOE Offers Unltd Usd In 7-Day Repo, Fixed Rate 1.20%

Posted:

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 June 10 maturing June 17 2010. The Bank said the repo would be at a fixed-rate, with the ...

ECB: E56.162 Bln Covered Bond Purchases Settled Jun 8

Posted:

FRANKFURT (MNI) - The European Central Bank said Wednesday that a total of E56.162 billion Eurosystem covered bond purchases had settled as of June 8. As of June 7, settled acquisitions had totaled E55.995 billion, the ECB said Tuesday. The ...

AUD/USD little firmer

Posted:

Underpinned by news of China's burgeoning exports.  What's good for China is good for Oz. We're presently at .8255 from around .8220 when I arrived 3 hours ago.  Just a reminder, Sean overnight mentioned stops placed just above .8290 and sell orders up at .8335/50.

ACB sells EUR/USD

Posted:

Asian sovereign has stepped in and sold EUR/USD up  around 1.1965. We're presently at 1.1955.

EUR/USD ticks little higher

Posted:

General sentiment has received a marginal boost from the news that China's exports surged around 50% y/y in May to around $130 bln.  Shanghai stock index up around 3%.  Global demand for China's exports is an encouraging sign. EUR/USD up at 1.1962.  Someone wake me if we happen to get above 1.2000.

Germany’s Labour Costs Accelerated In 1Q

Posted:

FRANKFURT (MNI) - Labour costs in Germany continued upwards in the first quarter of 2010, as both salaries/wages and social contributions accelerated, and 4Q's change was revised up sharply, the Federal Statistical Office reported on Wednesday. After a 0.1% ...

South Korea to announce fx control measures early next week – Yonhap

Posted:

New rules to cap bank's currency forward trades New rules apply to both domestic and foreign banks

China May CPI up 3.1% y/y (2.8% in April) – sources quote senior govt official

Posted:

May exports up about 50% y/y to around $130 bln, accelerating from 30.5% rise in April May new loans 630 bln yuan vs 774 bln in April

S.Korea C.Bank: Low possibility of world economoy falling into double-dip slump

Posted:

But risks from Europe debt crisis should not be underestimated

Merkel and Sarkozy: Joint letter to EU’s Barroso

Posted:

EU Commission must accelerate efforts to introduce stronger controls for cds of sovereign bonds and short selling Should look at possibility of EU-wide ban on naked short selling of all or certain shares and sovereign bonds and dcs of sovereign bonds Should explore EU-harmonisation of permissible deadlines for clearing and delivery of ...

A different financial disease means the UK needs a different treatment

Posted:

David Blanchflower and Elias Papaioannou in The Telegraph.
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