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- UK December PSNCR, PSNB lower than expected
- Cable extends sell-off
- Euro zone January composite PMI weaker than expected
- EUR/GBP making a bit of a comeback
- Cable trying to steady after quick sell-off
- Greek FinMin: Stability plan’s macroeconomic scenario is realistic
- EUR/USD slips back below 1.4100
- BIS seen in EUR/USD
- China will explore new ways of using fx reserves this year – SAFE official
- EUR/USD touch firmer
- Cable touch firmer in early European trade
- EUR/CHF steady at lower levels; buy interest noted
- EUR/USD consolidates at lower levels
- Asian forex market wrap: Chinese GDP adds some life to otherwise dull session
- Japanese FinMin says G7 may raise issue of Chinese Yuan
- Now that silliness is out of the way, JPY crosses might catch an updraft
- USD/JPY threatening to break higher
- Cable waters a bit muddier after break below 1.6255
- Buy the rumour, sell the fact
- Is it always like this in Asia?
| UK December PSNCR, PSNB lower than expected Posted: PSNCR £23.6 bln, lower than median forecast of £26.0 bln, PSNB £15.719 bln, lower than median forecast of £18.75 bln. Thank heavens for small mercies. Still, record highs for December and still truly horrible numbers. Cable 1.6155, just ahead of next support a 1.6150 .    |
| Posted: Well the much-touted buy interest at 1.6200/10 didn't offer much in the way of support for cable. There was a brief pause, but eventually stops through 1.6200 were tripped. We're presently at 1.6180. Supports now at 1.6170/75 (200 dma) and 1.6150. Murmurings SAMA has been a seller this morning. Would explain alot.  |
| Euro zone January composite PMI weaker than expected Posted: Euro zone January flash services PMI 52.3, weaker than median forecast of 53.9, manufacturing PMI 52.0, very marginally better than median forecast of 51.8. Composite 53.6, weaker than median forecast 54.5. EUR/USD sits at session low 1.4067. Talk, not surprisingly, of barrier option interest at 1.4050.  |
| EUR/GBP making a bit of a comeback Posted: EUR/GBP is up at .8690 from an early .8665 amid talk of UK corporate (importers) and model fund buying. Resistance of note up at .8710/15.  |
| Cable trying to steady after quick sell-off Posted: Cable presently at 1.6230 having been as low as 1.6219. Middle Eastern names and a US investment bank seen notable sellers in recent slump. Talk of buy orders now down at 1.6200/10. Got some data out at 09:30 GMT: PSNCR for December expected £25.5 bln, PSNB expected £19.0 bln. UK major banks mortgage ...  |
| Greek FinMin: Stability plan’s macroeconomic scenario is realistic Posted: I think that's what you call talking one's own book Greece is not expecting any rescue (probably just as well), has not asked for it Greece will be able to cover its borrowing plan in next months EUR/USD sits at 1.4095 in rather directionless, consolidative, trade.  |
| EUR/USD slips back below 1.4100 Posted: EUR/USD has slipped back below 1.4100, presently at 1.4085 with model funds having been notable sellers above 1.4100. Elsewhere cable has tripped stops through 1.6250 overnight low accelerating sell-off which has taken the pairing quickly to 1.6220.  |
| Posted: BIS seen buying under 1.4100. Given all these people buying under 1.4100 hasn't managed to rally much so far, has it? Presently at 1.4100. Elsewhere cable's fledgling rally has run out of steam, presently back down at 1.6265.  |
| China will explore new ways of using fx reserves this year – SAFE official Posted: China faces challenge of protecting the value of its fx reserves Faces capital inflow pressure for the near future China will do more to encourage outbound investment this year  |
| Posted: EUR/USD is marginally firmer in early European trade, presently at 1.4115. Talk of sovereign, real money buying below 1.4100. Sell orders seen up at 1.4140/50.  |
| Cable touch firmer in early European trade Posted: Cable is a touch firmer in early European trade, presently at 1.6285. European stocks look set to open firmer and this will be lending cable and EUR/USD a little support. Technical resistance of note up at 1.6310/15. Could well be some stops parked just north of there . On downside, support at 1.6250.  |
| EUR/CHF steady at lower levels; buy interest noted Posted: EUR/CHF trades at 1.4728 presently, effectively unchanged from where North America closed out Wednesday. Talk of buy orders down at 1.4700/10. Some mumblings that BIS interest in lying there. Take it for what you will. Guess we should be attuned to the possibility of intervention at these lowly levels.  |
| EUR/USD consolidates at lower levels Posted: EUR/USD at 1.4095 is little changed from where North America closed out Wednesday, EUR/USD effectively consolidating recent losses. That said, the 1.4068-1.4137 overnight range wasn't too shabby. Euro zone data scheduled for today: 07:45 GMT: French PMI manufacturing for January expected 54.9 from 54.7, services 59.0 from 58.7 08:30 GMT: German PMI manufacturing for ...  |
| Asian forex market wrap: Chinese GDP adds some life to otherwise dull session Posted: Chinese Q4 GDP came in close to expectations at 10.7% Chinese CPI was +1.9% Australian new car sales were +3.3% in December NZ retail sales +0.8% s 0.5% expectations China to continue with moderately loose monetary policy: PBOC It has been a very quiet session either side of the Chinese economic data release but there ...  |
| Japanese FinMin says G7 may raise issue of Chinese Yuan Posted: Finance minsiter Kan feels that any such debate would have a significant impact on Japan. I can't get away from the feeling that some of these JPY crosses such as AUD/JPY or GBP/JPY are going to go for a big run higher sometime during the first quarter. Anyone else sensing ...  |
| Now that silliness is out of the way, JPY crosses might catch an updraft Posted: The moves after the Chinese GDP data had nothing to do with logic and everything to do with positioning and tight stops. Now the market can sit back and think about the fact that China has returned to double-digit growth; perhaps it might consider buying the JPY crosses again for ...  |
| USD/JPY threatening to break higher Posted: Not much in the way of orders until 92.00 and above so this pair is at the mercy of flows and sentiment. Sentiment is definitely bullish I think, so the chances are that the next 50 pips will be to the topside. Overall though, further consolicdation inside a 90/93.50 range ...  |
| Cable waters a bit muddier after break below 1.6255 Posted: Stops have gone off in the cable and this pair also looks like it could fall further now. There's still said to be a lot of buying interest around but if they take a break then there could be a sharpish fall. Might be an interesting session in Europe for ...  |
| Posted: Usual rules apply. I think the moves are now done until Europe comes in but the risk for EUR/USD, AUD/USD etc remains down, in my opinion.  |
| Is it always like this in Asia? Posted: EUR/USD and AUD/USD each went into a brief freefall after the Chinese economic data but are now trying to steady a bit lower from where the trip began. From about 1.4118 ahead of the data, EUR/USD traded down to 1.4068 amid a liquidity air-pocket. I guess it is safe to say ...  |
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