Aug 3, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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Analysis:EMU PPI Rose At Moderate Pace in June, Led By Energy

Posted:

Industry producer prices excluding construction: June: +0.3% m/m, +3.0% y/y MNI survey median: +0.4% m/m, +3.1% y/y MNI survey range: +0.2% to +0.5% m/m May: +0.3% ...

UK July construction PMI much worse than expected

Posted:

Has come in at 54.1, some way lower than median forecast of 58.0 and Junes' 58.4. Cable has extended sell-off, presently at 1.5916.

Cable slips back slightly

Posted:

We're presently at 1.5935, slightly off earlier session high 1.5963.  As I mentioned earlier, the 1.5950/00 area could prove tough sledding for the cable bulls despite the current strong anti dollar sentiment .  Interestingly I heard reports a large US hedge fund sold cable once it got over 1.5920 the first ...

French player seemingly takes profit in EUR/USD

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The notable French bank buyer seen earlier is now reportedly selling EUR/USD. We slightly down from 1.3230 session high at 1.3225.

EUR/USD extends rally. USD under across the board pressure

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The dollar has come under accelerated across the board pressure, underminned by speculation the Fed is getting close to signalling further QE. Barriers at 1.3200 in EUR/USD  have been popped, with large French bank notable buyer in recent trade.  USD/JPY dipped briefly below 86.00 (session low 85.92) where it promptly ran into aforementioned ...

Germany Confirms To Launch Sep ‘12 2Y Schatz By E7 Bn Aug 11

Posted:

FRANKFURT (MNI) - The German federal government will auction about E7 billion in the initial sale of its September 2012 two-year notes (Schatzanweisungen) on August 11, the Bundesbank confirmed Tuesday. The formal tender offer will be made on Tuesday, August ...

Latest on USD/JPY

Posted:

Earlier told you stops through 86.00. Now talk of sovereign buy interest lined up just below 86.00.  We're presently at 86.15 having briefly touched session low 86.09.

Now different Asian central bank sells EUR/USD

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Above 1.3175.  Apparently not one of the larger central banks in the region, labelled "mid-tier"

Japan FinMin Noda: Markets decide forex rates

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Watching daily forex moves carefully Generally speaking yen's rise causes drop in exports Excessive, disorderly forex moves undesireable for economy Govt's growth strategy mentions need to avoid excessive yen rise USD/JPY down slightly, presently at 86.20. Comments will help lessen fear of  official intervention anytime soon.

Talk of cable demand at fix

Posted:

There is talk of cable demand lined up for the 08:00 fix.  We're at 1.5915 having been as high as 1.5930. I'm always a little wary of this sort of fix talk. Has a habit of being front run. We'll see in the fullness of time I guess.

Asian sovereign also buys cable

Posted:

Bank of Korea has also been seen notable buyer of cable in recent trade, sending it quickly over 1.5900, presently at 1.5920.

EUR/USD dips early, runs into Asian sovereign

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EUR/USD dipped down to 1.3147, where it promptly ran into Asian sovereign buying in the form of the Bank of Korea. We're presently back up at 1.3155.

Cable steady in early European trade, consolidating recent gains

Posted:

Sits at 1.5880.  Unsurprisingly much talk of sizeable 1.6000 barrier option interest. Sean also highlighted the fact that 61.8% retracement of the 1.7042/1.4230 fall comes in around 1.5950. As a result 1.5950/00 could well prove tough hurdle on any further upside. Not much in way of Uk data today: 09:00 GMT: UK construction PMI for ...

Russian rouble firms beyond 30 vs dollar for first time since mid-May

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Using my highly-honed analytical skills (yer right), I think it might just have something to do with the firmer oil price......

Federal Reserve to start the deflation fight next week, expect claims

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The Federal Reserve is set to kick-start a new phase of monetary easing, a leading Wall St economist claims. The possibility of such has been one of the driving factors behind recent dollar weakness.  So it's already at the very least partially discounted.

Fed Mulls Symbolic Shift – WSJ

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Officials to consider putting more money into bond market as recovery wavers.

EMU Data: MNI Survey Of Econ Data Forecasts, Aug 3

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...

EUR/USD consolidates recent gains during Asian session

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EUR/USD sits at 1.3170, effectively unchanged from the North American close Monday, with Asian trade confined to a very conservative 1.3160-1.3181 range. Talk of 1.3200 barrier option interest (who would have thunk it!!), with sell orders noted at 1.3190/00. They're said to include Asian sovereign interest.  On downside buy orders noted 1.3130/50, stops ...

JGB 30-year yield hits 7-year low below 1.73%

Posted:

Meanwhile USD/JPY sits at 86.40, effectively unchanged from where it closed Monday in North America. Talk buy orders 86.10/20, said to include Kampo interest. Stops seen through 86.00 and more through 85.80.  Sell orders 86.90/00, stops (not thought to be overly large) just above.

RBA statement shows little change in emphasis or language

Posted:

The market looks to be a little short AUD at the moment and we are seeing some mild short covering after the RBA statement. Policy is deemed as appropriate and it looks like we may be in for an extended period of rates pause.
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