Nov 12, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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Obama: Defln ‘Huge Danger’ for US; Fed Not Trying to Sink Dlr

Posted:

By Steven K. Beckner SEOUL, South Korea (MNI) - President Barack Obama described deflation as "a huge danger" for the United States Friday and said the Federal Reserve's recent decision to resume quantitative easing was not designed to weaken the U.S. dollar, but rather to "grow the economy." ...

Reaction to G20

Posted:

It is funny how some people view things . Just reading the reactions to the G20 communique from a number of leading Asia economists and their take on the headline - "those currencies faced with overvalued exchange rates due to capital inflows are fully justified in taking carefully designed macro ...

EUR/USD Recovers, AUD/USD Stays Heavy

Posted:

EUR/USD has recovered sharply after the quick dip to 1.3573. AUD/USD on the hand remains heavy and is struggling to bounce despite European stocks and Dow futures being off their lows. Even Gold is up $9 from its lows. AUD/USD of course is now playing catch-up to the moves witnessed this ...

ITALY DATA: Preliminary 3Q GDP rose 0.2% q/q and…..

Posted:

ITALY DATA: Preliminary 3Q GDP rose 0.2% q/q and 1.0% y/y. --2Q GDP rose an unrevised 0.5% q/q and 1.3% y/y, the statistics agency said. --3Q GDP was the result of increases in services and industry, while agriculture provided a negative contribution, ISTAT said, without providing any numerical details of 3Q GDP components. --The data provides ...

Germany Confirms To Sell E3 Bln New 12-Month Bubills Nov 22

Posted:

FRANKFURT (MNI) - Germany will sell E3 billion new 12-month bubills on November 22, the Bundesbank confirmed Friday. The formal tender offer will be announced next Friday, November 19. Bids are due by 1000 GMT on Monday, November 22, with ...

Ireland NTMA Says 2011 Gross Funding Need Is E23.5bln

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LONDON (MNI) - Ireland's gross funding need for next year is estimated to be E23.5 billion compared to E20.5 billion in 2010, the National Treasury Management Agency (NTMA) says. In an ...

In Case You Missed It – Gold Down $28

Posted:

Commodities continue to plummet this morning. Gold is now down $28 from the NY close at $1380 an ounce whilst crude oil futures are down 2.5%. Surprisingly enough EUR/USD and AUD/USD are putting in a bounce of sorts as I write this note.

FTSE Down 1.7% in Early Trades

Posted:

The FTSE is down 1.7% in early trading, Dax down 1.55%, Cac down 2.3%.  Perhaps we might be calling this black Friday by days end! Risk is under pressure across the board. No real reason just position adjustments which started last week in EUR/USD and is now flowing through to ...

New Lows in EUR/USD 1.3573 and at AUD/USD 0.9925

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That blink of an eyelid move to 1.3573 in EUR/USD and 0.9825 in AUD/USD is being accredited to the Korea story run previously. There is little substance to one lawmaker putting up a bill to reintroduce withholding tax on foreign bond holds hence the quick snap back. No doubt a ...

Germany Press: Schaeuble Wants Two-Step EU Crisis Mechanism

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BERLIN (MNI) - German Finance Minister Wolfgang Schaeuble wants a two-step crisis mechanism to replace the current EU rescue funds after they expire in 2013, the business daily Handelsblatt reported Friday, citing a ministry draft. The first step of the ...

Where There’s Smoke, There’s Fire

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Headline out just over Reuters.  "South Korea ruling party lawmaker puts in revision bill to parliament to reimpose tax on foreign bond holdings." Obviously he didn't think much of the G20 communique.............like I said earlier ....its every man for himself now.

AUD/USD Selling Now Weighing on USD/JPY

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AUD/USD had a brief look below 0.9850 a few moments ago but ran into a few small bids. Nothing special and the pair looks like it will continue to head lower. AUD weakness is now weighing on USD/JPY through the AUD/JPY cross. USD/JPY traded down to 81.90 and looks very ...

GERMANY DATA: The German economy grew 0.7% on the in.

Posted:

GERMANY DATA: The German economy grew 0.7% on the quarter in 3Q, widening the annual gain to +3.9% in both workday adjusted and unadjusted terms, the Federal Statistical Office reported on Friday, citing preliminary figures. -- Germany 3q real GDP sa q/q matches MNI median forecast -- Germany 3q non-seasonally adjusted ...

G20 Communique Contains No Surprises

Posted:

There were no surprises in the G20 communique with the market basically static after the headlines. Mind you no one expected them to pull a rabbit out of the hat but words are meaningless unless they have some bite to them Today we had the ridiculous situation of South Korea talking ...

Text: EU Says Crisis Mechanism Doesn’t Apply To Present

Posted:

SEOUL (MNI) - The following is the text of a statement issued by finance ministers of five European Union member states Friday: "Terms of Refernce by the Finance Ministers of ...

Germany Merkel Denies Rumoured Plans To Sack FinMin Schaeuble

Posted:

BERLIN (MNI) - German Chancellor Angela Merkel in a television interview aired Friday dismissed rumours that she is about to sack her Finance Minister Wolfgang Schaeuble. "I have worked excellently together with Finance Minister Wolfgang Schaeuble here [at the G20 summit in Seoul] and ...

FRANCE DATA: prel 3Q GDP +0.4% q/q after 2Q +0.7%….

Posted:

FRANCE DATA: prel 3Q GDP +0.4% q/q after 2Q +0.7% q/q -- Below most forecasts; MNI analysts survey median +0.5% q/q -- Private consumption +0.6% q/q after 2Q +0.3% -- Fixed-cap investment +0.5% q/q after 2Q rev +0.9% (+0.8%) -- Domestic demand ex-stocks adds 0.5 pt after 2Q +0.4 pt -- Foreign trade cuts 0.5 ...

Is it Any Surprise that AUD/USD is Under Pressure

Posted:

AUD/USD at times this week seems to have defied gravity gaining across the field as EUR/USD succumbed to the PIIGS woes. Well today is catch-up day - the metal sell-off that flowed through to crude, precious metals and stocks is finally taking its toll on AUD/USD. Perhaps last nights NY ...

Dubious Stories/Position Squaring

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You can think what you like of the dubious stories floating around Asia today but its hard to look past position squaring that started in EUR/USD a week ago as the major culprit. Zinc hit an all time high overnight then went limit down in Asia (5.0%) which flowed through ...

AUD/USD, Cable playing catch-up

Posted:

The EUR/USD has momentarily run out of bearish momentum allowing cable and AUD/USD to play a bit of catch up. Cable triggered stops below 1.6070 and AUD/USD has broken below the 20-day MA but is stalling so far ahead of the post-FOMC low at .9905.
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