Oct 21, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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Swiss ZEW investor sentiment -27.5 in October

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From -5 in September.

BIS sells EUR/USD

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We're at 1.4020 having been as high as 1.4050. Sounds like they were selling in 25/30 area.

BOE Posen: Business Contacts Suggest There Is A Recovery

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--But Recovery Is Patchy; Not Huge Bustling, Booming Recovery LONDON (MNI) - Bank of England Monetary Policy Committee member Adam Posen says that business soundings he has taken this week in the West Midlands region of the U.K. suggest that an economic recovery is ongoing but ...

Norges Bank: Banks See More Demand For Corporate Credit In Q4

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BRUSSELS (MNI) - Norway's banks expect higher demand for corporate credit and unchanged demand for household credit at the end of this year, a report from the country's central bank, the Norges Bank, showed on Thursday. "Banks reported approximately unchanged ...

EU Taskforce Report: Trichet Doesn’t Back Fiscal Rules Deal

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BRUSSELS (MNI) - European Central Bank President Jean-Claude Trichet has refused to back a deal to strengthen economic governance in the European Union and the Eurozone, according to an EU document that outlines the new rules agreed on. The full ...

GERMANY DATA: The German government raised its 2010..

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GERMANY DATA: The German government raised its 2010 GDP forecast to +3.4% from +1.4% -- Germany govt raises 2011 GDP forcest to +1.8% from +1.6% -- Germany govt sees exports +15.0% in 2010, +8.0% in 2011 -- Germany govt sees ...

Analysis: Sep Retail Sales Volumes Fall As Prices Rise

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--Sep Retail Sales inc. fuel -0.2% m/m; +0.5% y/y --Sep retail sales ex fuel unch. m/m; +1.8% y/y LONDON (MNI) - Retail sales fell for the second consecutive month in September, as clothing and footwear volumes fell in reponse to the highest annual rise in prices for ...

UK DATA: Sep Retail Sales inc. fuel -0.2% m/m; +0.5%.

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UK DATA: Sep Retail Sales inc. fuel -0.2% m/m; +0.5% y/y --Sep retail sales ex fuel unch. m/m; +1.8% y/y ------------------------------------------------------------------------ Retail sales volumes fell for the 2nd consecutive month in Sep the first back to back fall since Jan and below the median forecast for a rise of 0.3% m/m. Ex auto ...

UK DATA: UK Sep car production +5.8% y/y – SMMT……

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UK DATA: UK Sep car production +5.8% y/y - SMMT

UK September retail sales -0.2% m/m, +0.5% y/y

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Weaker than median forecast of +0.4%, +1.0% respectively. EUR/GBP reaches .8902, presently at .8890. UK mortgage approvals by major bank lenders 44,000 in September, in line with median forecast, but lowest since April 2009.

German EconMin: Forex rates must reflect economic fundamentals, gthis also true for dollar and yuan

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Guess economic fiundamentals not dollar positive.  EUR/USD spikes higher just after comment hit wires. EUR/USD has been to 1.4044, presently at 1.4035. Asian sovereign selling seen around the highs. Getting reports big hedge fund aggressively buying short-dated 1.4200 calls.

Euro zone October composite PMI 53.4

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Down from 54.1 in September and slightly below median forecast of 53.6. Manufacturing PMI 54.1, up from 53.7 in September and better than median forecast of 53.2. Services PMI 53.2,  down from 54.1 in September and worse than median forecast of 53.7.

German Oct PMI data stronger than expected

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German manufacturing PMI 56.1, up  from 55.1 in September,  much better than median forecast 54.6. Services PMI 56.6, up from 54.9 in September, much better than median forecast 54.8  EUR/USD gets lift, presently at 1.3970. Quite a contrast to the earlier release of weaker than expected French PMI data.

UK’s Osborne: BOE can deploy monetary tools to support economy

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Oi Merve!!!  How about helping us out with a little QE? Be a mate...... EUR/GBP at session high .8860. Cable at session low 1.5740.

Irish Fin Min: Main Opposition Parties Support Budget Plans

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BRUSSELS (MNI) - Ireland's two main opposition parties are committed to the government's aim to cut the country's budget deficit to below 3% by 2014, Irish finance ministers Brian Lenihan said late Wednesday. The costs of the bailing out the banking system ...

Irish Fin Min: Main Opposition Parties Support Budget Plans

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BRUSSELS (MNI) - Ireland's two main opposition parties are committed to the government's aim to cut the country's budget deficit to below 3% by 2014, Irish finance ministers Brian Lenihan said late Wednesday. The costs of the bailing out the banking system ...

China central bank chief: China faces risks from inflation and asset bubbles

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China faces risks in cyclical rise in bad loans Also risks from cross-border capital flows Still sees strong upward pressure on bank lending Should establish counter-cyclical loan control mechanism

European stocks little easier early

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DAX off 0.2%,  FTSE off 0.4%, CAC 40 off 0.3% Interesting to see FTSE underperforming the other two.  EUR/GBP is trading higher in early European trade, presently at .8840 from early .8810.  Guess it's not only me that doesn't like sterling. UK data due today: 08:30 GMT: Major bank mortgage approvals for September ...

FRANCE DATA: October mfg sentiment 102 vs September..

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FRANCE DATA: October mfg sentiment 102 vs September 99 (98) -- Above expected; MNI analysts survey median 97 -- Execs' own-company outlook 16 vs September 4 (0) -- Sector production outlook 9 vs September 3 -- For more information, please see Mainwire

French October manufacturing industry confidence index 102

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Up from 99 in September, and better than median forecast of 98.
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