Oct 11, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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Greek 5-year cds narrows 25 bps to 695 bps – Markit

Posted:

Greek/German 10-year govt bond yield spread tightens 27 bps to 740 bps. Jitters surrounding EU periphery countries seem to be calming, at least for now.  But as we well know they can re-ignite at the drop of a hat.

China to launch property tax within months – Group

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According to the semi-official China real estate chamber of commerce, China will start to levy a property tax on a trial basis in the very near future. The move is designed to curb speculation and contain house price inflation. Nie Meisheng, president of the group, said "It will be launched within ...

Bini Smaghi:US Slowdown No Surprise;Emerging Econs More Solid

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By David Barwick WASHINGTON (MNI) - The slowdown of the United States economy is not a surprise unless one was overly optimistic or took a short-term view of things this summer, European Central Bank Executive Board member Lorenzo Bini Smaghi told Market News International on Sunday. ...

EUR/USD sees some orderly slippage

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EUR/USD down at 1.3935 from early 1.3970, having been as low as 1.3917.  The move lower accelerated on the news China has  raised reserve requirements by 50 bps for 6 large commercial banks.  This has the effect of increasing risk aversion as people worry about the impact such a move ...

ITALY DATA: AUG SA industrial output rose 1.6% m/m,..

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ITALY DATA: AUG SA industrial output rose 1.6% m/m, +9.5% y/y in workday adjusted terms, up from +5.6% y/y in July and the highest y/y gain since December 1997. The m/m result follows gains of 0.3% in July, +0.6% in June and+1.0% in May. --Aug unadjusted y/y output rose 12.8%, up from +2.5% in ...

China raises deposit reserve ratio for 6 big banks – Sources

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Raises deposit reserve ratio by 0.5% Measures to remain in place for two months

U.S. to step up pressure on China

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WSJ article

FRANCE DATA: August industry output flat m/m after…

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FRANCE DATA: August industry output flat m/m after July +0.8% (+0.9%) -- Below expected; MNI analysts survey median +0.5% m/m -- July-August industry output +0.1% vs 2Q average; 2Q +0.8% q/q -- August mfg output flat m/m after July +1.2% m/m (+1.4%) -- For more information, please see Mainwire

French August industrial output flat m/m

Posted:

Weaker than median forecast of +0.3%.  July's data revised down a touch, to +0.8% from previous +0.9%. Manufacturing output also falt, weaker than median forecast +0.4%.

Arab Monetary Fund Head: FX Volatility Won’t End Dollar Peg

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By Johanna Treeck WASHINGTON (MNI) - The recent forex volatility will not accelerate a move in the Gulf region away from the dollar peg toward a currency basket, the director general of the Arab Monetary Fund told Market News International on Saturday ...

S.Korea not to re-impose withholding tax on foreigners’ bond investments – Official

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Juncker: Must Avert FX War; Euro Level Does Not Hurt Recovery

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By Johanna Treeck WASHINGTON (MNI) - Central bankers and finance minister are discussing the threat of a global currency war and will find the right tools to address rising tensions if necessary, Eurogroup Jean-Claude Juncker told Market News International on Saturday. ...

ECB’s Nowotny:Won’t Vary Collateral Rules For Different Banks

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By Johanna Treeck WASHINGTON (MNI) - The European Central Bank will not apply different collateral standards to different banks, European Central Bank Governing Council member Ewald Nowotny told Market News International on Saturday. "Collateral rules are general rules; they will certainly ...

Constancio: Not Precommitted To Unwind Special Measures 2011

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By David Barwick and Johanna Treeck WASHINGTON (MNI) - While encouraging signals might allow the European Central Bank to proceed with the unwinding of non-conventional liquidity measures in 1Q, there is no commitment to any course of action, ECB Vice-President Vitor Constancio told Market News International ...

ECB’s Quaden: Have to avoid brutal fx movement, hope to have more cooperation in that field – MNI

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Excessive fx volatilitty is bad and to be avoided by common efforts at the world level We don't see any deflationary risk in euro zone, interest rates appropriate Growth prospects for euro zone as a whole not too bad, recovery continuing at more moderate pace

ECB Quaden: Have To Avoid ‘Brutal’ Foreign Exchange Movements

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By David Barwick WASHINGTON (MNI) - "Brutal" movements on foreign exchange markets must be avoided and all parties are called on to help prevent excessive volatility, European Central Bank Governing Council member Guy Quaden told Market News International Saturday. The head of the Belgian National ...

Germany Press: 2010 Federal Net New Borrowing Around E50 Bln

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--Govt Aims To Lower 2011 Borrow To Under E50 Bln BERLIN (MNI) - German federal net new borrowing this year will amount to some E50 billion, the weekly Der Spiegel reported over the weekend, citing internal calculations of the Finance Ministry. ...

EUR/USD having opened little firmer, steady early

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EUR/USD sits at 1.3968, up marginally from North American close Friday around 1.3930.  The release of weak US jobs data has helped underpin speculation we'll see early Fed move to increase quantitative easing.   That said, the pairing continues to struggle to hold ground above 1.4000. Euro zone data due today: 06:45 GMT: French industrial production ...

PBOC Zhou: Sharp yuan rise would exert huge blows on China’s economy – Xinhua

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To continue to push ahead yuan reform Managing exchange rate is complicated art Exchange rate policy should consider inflation, unemployment, economic growth, balance of payments  

S.Korean President says G20 failure on fx coordination to put World economy in big trouble

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G20 must reach accord on fx by November summit
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