Dec 12, 2011

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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Italian Bond auction results…

Posted:

Italian Treasury sold 7 bln Euros BOT Dec 2012- bid to cover 1.925, Yield 5.952 % from 6.087% previously EUR/USD getting a little lift on the back of lower yields and achieving sale target

France Pres Sarkozy: Euro accord is a “incontestable democratic progress”

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Speaking in an interview with the French newspaper “le Monde”

S&P economist: EU summit made some progress, but doesn’t raise expectations

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Important step  towards ending “crisis of confidence” S&P wanted to send a message that Europe faces  a risk of a significant credit crunch/recession Summit made some progress towards ECB becoming lender of last resort Action needed to be taken on fiscal and monetary side  as soon as possible Likely that another shock is required in [...]

AUD/USD slips down through 55 day MA

Posted:

Been down as low was 1.0113 , just through the 55 day MA at 1.0118 and just ahead of some hourly support at 1.0110. Below here there’s the 14 day MA at 1.0075 and  Friday’s low of 1.0049

Germany’s Merkel to issue statement on Wednesday

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The chancellor is to give a statement in parliament in relation to last week’s EU summit-, according to German coalition sources

Leveraged sellers behind the latest downdraught

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Stops tripped down through 1.3290 and we’ve just touched 1.3270 Below here we have  a rumoured barrier at 1.3250 which is apparently of a Chinese flavour

EFSF Seeks Bids On E2 Bln New 91-Day Bills; Sale Dec 13

Posted:

FRANKFURT (MNI) – The European Financial Stability Facility, via the German Finance Agency, is seeking bids on 91-day bills, the Bundesbank confirmed Monday. The EFSF is envisaging a total volume of E2 billion. Bids are due by 1100 GMT on Tuesday, December 13. The announcement of the auction results will be made shortly thereafter. The [...]

Deutsche Bank increases UK QE target forecast to £400 bln

Posted:

The Big German thinks that the Old Lady will announce a further £75 bln in February, followed by another £50 bln in May. Sounds pretty good to me.  Additional QE is one of the reasons I’m bearish cable in the long-term.  

GBP/USD lifted off lows on Middle East buys

Posted:

We touched lows of  1.5553 a short while ago and  jumped back to 1.5593. Still all looks a little laboured, but I’m told  there’s a decent size option strike at 1.5600 as well today which may well keep the rate  from straying too far. Bids remain down at 1.5550/55 and 1.5525/30 EUR/GBP has some offers  0.8550/55 [...]

ECB buys periphery bonds

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Who would have thunk it?  Guess that’s what that little blip was to 1.3320 bid.  We’re back at 1.3308. Roll on Christmas……….  

FRANCE DATA: Oct current account deficit widens to…

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FRANCE DATA: Oct current account deficit widens to E4.5 bln from -E4.3 bln in Sept (revised from -E4.2 bln) - Larger merchandise goods shortfall (-E6.5 bln vs -E6.4 bln) - Smaller services surplus (+E0.9 bln vs +E1.0 bln) and - Smaller revenues surplus (+E3.2 bln vs +E3.3 bln). - Transfers deficit stable (-E2.1 bln)

Periphery/German 10 year bond spreads widen out in early trade

Posted:

Italian/German spread out to 445 from 430 first thing, Spanish/German spread out to 378 from 360. Guess we’ll soon be getting reports of ECB buying. EUR/USD sits at 1.3305, marginally easier on the day.

Deutsche Bank’s chief economist Mayer: Believes Italy “can make it”

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Ahhh, ain’t that nice. Bloomberg reporting. I thought it would make a nice change to put something optimistic up EUR/USD up at 1.3305 from session low 1.3293.

Ideas Corner, December 12

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Nearly forgot.

EUR/USD touch lower in early European trade

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Down at 1.3320 from 1.3340 when I parked my bum.  Choppy start.  Given the avalanche of negative press over the weekend, the single currency is doing pretty well to be down only 50 odd points from the North American close Friday. Here’s what we got flow-wise from here; Sources report buy orders 1.3300/10. Sell stops [...]

GERMANY DATA: November WPI +0.7% m/m, +4.9% y/y; y/y.

Posted:

GERMANY DATA: November WPI +0.7% m/m, +4.9% y/y; October +5.0% y/y – Germany November WPI: solid fuels/oil products +2.5% m/m – Germany November WPI: ore/iron/steel/non-ferrous metals -1.0% m/m – Germany November WPI: grains/seeds/feed -1.0% m/m – Germany November WPI: fruits/vegetables/potatoes -0.3% m/m – Germany November WPI: data processing/communication +0.2% m/m – Germany November WPI: food/beverages/tobacco [...]

Eurostoxx 50 futures down -0.4%

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DAX futures down -0.2%, CAC 40 futures down -0.4%.  

European stocks set to open marginally firmer

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According to financial bookies,  FTSE expected to open up as much as +0.2%, DAX up as much as +0.4% and CAC 40 up as much as +0.3%.

JAPAN DATA: The total value of orders for machine….

Posted:

JAPAN DATA: The total value of orders for machine tools rose 15.9% to Y112.0 billion in November from a year earlier, up for 24 months in a row following a 26.0% rise in October, data from the Japan Machine Tool Builders’ Association showed. Orders in the domestic market, which are seen as a leading indicator [...]

Bundesbank rejects Europe’s IMF funding ruse

Posted:

Love him or loathe him, latest from AEP at The Telegraph.
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