Dec 8, 2011

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

Link to ForexLive

Italy PM Monti: US Treasury Secretary showed great interest in latest Italian austerity package

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Discussed possible EU treaty changes, firewalls and possible IMF role

Irish Europe Minister: Euro Zone Needs “V Immediate Solution”

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LONDON (MNI) – Irish Europe Minister Lucinda Creighton called on EU leaders to look at an immediate solution to the euro zone crisis rather than the medium- and long-term plans which seem to be on the table at present. Ahead of the EU summit meeting in Brussels, Creighton told BBC TV that what the zone [...]

Fitch (boo hiss) : Irish budget shows commitment to consolidation

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But the budget does not alter our negative outlook on Ireland’s BBB+ rating Still expect Ireland’s economy to grow in 2012, but recovery may be jeopardised by euro zone debt crisis

Luxembourg ForMin: Rejects Franco-German plan for treaty change

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Die Welt reports. Will help explain recent dip back to 1.3400 in EUR/USD. Boring, boring Forex!!!!

David Cameron said to be heading for Manchester this morning

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To pick up some last minute tips on how to make an early exit out of Europe I was sooooo happy last night.   C’mon you Goooooooooooners!!!

Cack cack and more cack, let’s have a poll (in fact a dual poll)

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Will the ECB leave rates unchanged, cut 25 bps or 50 bps at todays meeting? And which will we see first 1.33 or 1.35? Any reasoning welcomed

ECB: Banks borrowed 9.36 bln euros from lending facility Wednesday

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Borrowing highest since March Dow Jones’ headline says “Heavy use of ECB overnight facilities reflects tension.” And you know what, I’m jolly well not going to disagree. EUR/USD trading touch firmer on the day at 1.3423.  Middle East names, as yesterday, seen buying the pairing. They’ve also been seen buying cable, but have had no [...]

Aussie stuff……

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AUD/USD up at 1.0288 presently from around 1.0270 when I parked my bum. Talk is an ACB has been notable buyer this morning. Reports “decent” sell orders lined up at 1.0300/20. Also talk of some buy stops through 1.0310, so could get interesting if we get up to said level given the above.

EU’s Juncker: Accord Only Among EMU States Possible At Summit

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PARIS (MNI) – Eurogroup President Jean-Claude Juncker said Thursday that he hoped the EU summit in Brussels would produce an accord of all 27 member states, but if necessary the 17 Eurozone states could proceed with a deal among themselves. “There has to be a deal,” Luxembourg’s prime minister said in an interview on France [...]

Analysis: Bank of France Survey Flags Stagnant Activity Ahead

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PARIS (MNI) – French economic activity is likely to stagnate in both industry and the services in the near term, the Bank of France said Thursday, citing the results of its monthly business survey. The central bank confirmed its projection for no GDP growth at all in 4Q, suggesting a further loss of what little [...]

More Juncker, lots more Juncker: Euro rules must be strengthened

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Supports EU treaty change if needed Need automatic trigger for euro-area sanctions Intervention in national budgets has to be limited Favors rule change for euro zone, if possible for all EU UK mustn’t get special rules for financial market Banking license for ESM interesting idea Summit can calm situation if right decisions taken Agrees to [...]

EU’s Juncker: Wants solid agreement between 27 EU members

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If no deal between 27 EU members, deal within euro zone would be good Joint euro zone bonds is a step which must be considered even if not something to do in coming months Euro currency itself is not at risk, EU summit must do all it can to ensure deal on response to debt [...]

Bank of France November industry indicator falls to 95

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From 96 in October.

Czech PM: Supports all changes that would lead to stabilisation of euro zone

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Prepared to negotiate about automatic sanctions for countries with budgets above ceiling Unacceptable if country would have to send budget draft to EU before parliament approves it

Japan ESP Survey: Economists Revise Down FY12 GDP Forecasts

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TOKYO (MNI) – Economists have revised up their fiscal 2011 growth and inflation forecasts for Japan but they are slightly more cautious about the following year amid heightened global uncertainties, the latest monthly survey by the Cabinet Office’s Economic Planning Association released on Thursday showed. The association polled 42 economists and research institutions from Nov. [...]

LCH clearnet cuts margin requirements on Italian bonds

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Cuts initial margin on 7-10 year bonds 3.5% points to 8.15%

Eurostoxx futures up +0.9% early

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DAX futures up +1.1%, CAC 40 up +1.2%. EUR/USD comatose at 1.3408.  Guess everyone’s waiting for the first spurious rumour or ill-judged throwaway comment from some anonymous official.

Luxembourg Rejects Franco-German EU Treaty Change Plan: Press

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BERLIN (MNI) – Luxembourg’s Foreign Minister Jean Asselborn in an interview published Thursday rejected the joint demand by Germany and France for EU treaty changes to pass on some of national budget sovereignty to the European level. “The only vital goal must now be the short term and effective stabilisation of the Eurozone,” Asselborn told [...]

FRANCE DATA: 3Q private sector payrolls confirmed….

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FRANCE DATA: 3Q private sector payrolls confirmed flat q/q - Total 3Q payrolls flat q/q, +1.1% y/y (1st estimate)

Poll finds euro still top option

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WSJ article.
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