Jun 17, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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Talk of……

Posted:

Decent-sized sell order lying in wait in EUR/USD up at 1.2345.  We're presently at 1.2330.

Spain sells 3.0 bln euros of existing 10-year benchmark bond. Sells 479 mln euros of exisiting 30-year bond

Posted:

10-year bid to cover ratio 1.88. 30-year bid to cover 2.44 (very decent). Average yield on 10-year 4.864,  average yield on 30-year 5.908 EUR/USD extends rally in wake of auction results, presently at 1.2335.

France’s Lagarde: Sooner Stress Tests Published, The Better

Posted:

FRANKFURT (MNI) - The sooner European banks publish the results of their stress tests the better, as nothing is more damaging than rumours and uncertainty, French Finance Minister Christine Lagarde said on Thursday. "If someone suspects you have an illness, ...

ECB Noyer: Short -Sell Ban, Limits Could Be Counterproductive

Posted:

PARIS (MNI) - Prohibitions or limitations on naked short-selling or on certain types of derivatives are ineffective and could be counter-productive because they can be easily circumvented and will only lead to relocation of financial activity, European Central Bank Governing Council member Christian Noyer said ...

Analysis: UK May Retail Sales Up On Strong Growth In Food

Posted:

--May Retail Sales inc. fuel +0.6% m/m; +2.2% y/y --May retail sales ex fuel +0.5% m/m; +3.4% y/y LONDON (MNI) - Retail sales volumes rose in May, helped by growing sales at predominantly food stores, according ...

UK retail sales stronger than expected

Posted:

UK May retail sales have come in at +0.6% m/m, +2.2% y/y, stronger than median forecasts of +0.1%, +2.0% respectively. Data has given sterling lift, cable extending rally to 1.4730 at writing. ONS says the World Cup boosted electrical goods sales; food, department stores, fuel also helped m/m figures.

One thing in life remains fairly constant….

Posted:

I hear reports of the big German in doing something and it consistently goes their way. EUR/USD has extended it's rally, presently up at 1.2307.  I'm just glad I changed my name to Franz and put on about a stone in weight.  Now I'm a big German too :)

SNB’s Hildebrand: FX exchange purchases have been effective instrument to avert deflation risks

Posted:

Global economy supports swiss economy, export capacity better utilised Rise in mortgage loans and movements in real estate prices are risks demanding attention SNB to publish information on current fx reserves on website at start of each month SNB's deflationary concerns have disapated somewhat, lessening the need to fight swissy strength.  The market ...

Spain’s EcoMin: Banks may need up to 30 bln euros from restructuring fund

Posted:

Elena Salgado says Spain may use as much as 30 bln euros of its Fund for Orderly Bank Restructuring (FROB) to cover the financing needs of its banks. The fund set up to help the banking sector can issue up to 99 bln euros to aid credit institutions. Salgado says the ...

EUR/USD steadies and rallies back

Posted:

Having been as low as 1.2243 presently back up 1.2273, with large German name seen notable buyer in recent trade.

SNB holds target range for 3-month swiss franc libor unchanged at 0.00-0.75%

Posted:

Continues to aim for 0.25% SNB sees 2010 Swiss growth at around 2% vs previous forecast of 1.5% 2010 inflation at 0.9% vs previous forecast of 0.7%; 2011 inflation at 1.0% vs previous 0.9%; 2012 inflation at 2.0% unchanged from previous forecast Weakening of the euro with respect to the swiss franc is ...

Talk….

Posted:

Asian demand lined up at 1.2230/40 in EUR/USD.  Also hearing that BIS was seller in early trading up around 1.2280. We're presently at 1.2260 having been as low as 1.2243.

ECB: E57.883 Bln Covered Bond Purchases Settled Jun 16

Posted:

FRANKFURT (MNI) - The European Central Bank said Thursday that a total of E57.883 billion Eurosystem covered bond purchases had settled as of June 16. As of June 15, settled acquisitions had totaled E57.467 billion, the ECB said Wednesday. The ...

Spain’s EconMin: Will publish bank stress test results bank by bank

Posted:

Meanwhile Spanish/German 10-year govt bond yield spread at euro lifetime high of 233 bps vs 226 bps at Wednesdays settlement.

UK FinMin Osbourne: Next week’s budget will show Britain can live within its means

Posted:

Better had. Levels of pay in financial services are excessive  BP is a very strong company BP is important company for UK, US economies

EU’s Juncker: Spain’s and Portugal’s austerity measures point in right direction

Posted:

EU summit will not deal specifically with Spain EU should not respond to every rating agency move

China says finger pointing at G20 could upset markets and so be self-defeating

Posted:

G20 countries must avoid implementing exit strategies all at same time Chinese consumers cannot make up for fall in U.S. consumption Yuan is not reason for international financial crisis or answer for world economic rebalance China to decide its own yuan policy; will oppose foreign pressure

Cable lower

Posted:

Down presently at 1.4665 from around 1.4695 when I turned up, with sources reporting model funds decent sellers of the pairing this morning.

French EconMin: Sooner EU banks can publish stress test results the better

Posted:

Nothing more damaging than rumours and doubt over banks No anxiety among French banks over publishing stress test results Spanish, German colleagues have no problems over publication of stress tests End of July would be ideal for release of stress test results We want the euro to be a sustainable, strong currency ECB chief was ...

EUR/USD steadies at lower levels

Posted:

Well done Sean. Earlier reports of decent bids at 1.2250/60  right on the money. We got as low 1.2257 before bouncing, presently at 1.2280.  They'll be some caution surrounding Spanish bond auctions today. French EconMin Lagarde due up on Reuters Insider at 06:30 GMT, talking about the future of the euro.
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