Oct 22, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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Ifo’s Germany Business Morale Index Surprises On Upside Again

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October MNI analysts survey September August October ...

Filling in a EUR/USD blank……..

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I was wondering what caused EUR/USD to turnabout so quickly after the China rumour/Ifo-induced rally had taken us back to around 1.3925/30.  We slumped back below 1.3900, tripped stops through 1.3880 and got to session low 1.3858 all in the blink of an eye.  Well a large part of the reason for the slump apparently is an ...

If you like your markets insanely choppy……

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You'll be happy with this mornings' fare.  Did I say headless chickens earlier;  I think I could have been onto something. EUR/USD tripped stops through 1.3880 and reached session low 1.3858.   As mentioned in opening EUR/USD comment there were reports of buy orders clustered 1.3850/70 and they've held the downside. We're ...

ITALY DATA: Italy retail sales were unchanged m/m in.

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ITALY DATA: Italy retail sales were unchanged m/m in seasonally-adjusted terms as a result of a drop in food sales and a gain in non-food sales, following a gain of +0.1% m/m in July and +0.5% in June. In unadjusted y/y terms, retails sales rose 0.3%, down from +1.7% in July. --The three month-moving average ...

ECB Text: Survey Shows Sharp Fall in SME Funding Difficulties

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FRANKFURT (MNI) - The European Central Bank published a survey on Friday showing a sharp fall in the funding difficulties faced by small and medium-sized enterprises (SMEs) in the Eurozone. According to the survey, which was ...

German Ifo institute says business climate index 107.6 in October

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Better than median forecast of 106.5. EUR/USD extends recovery on data, presently at 1.3925.

Rumour China sitting on bid at 1.3880

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It's only a rumour, no more than that. But the talk is out there. It's getting harder to pin down what the Giant Panda's doing. But as I mentioned yesterday I thought they were the Asian sovereign selling up around 1.4050, so if they have now turned up with a buying ...

Germany Seeks Bids On E3 Bln New 12-Mon Bubills; Sale Oct 25

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FRANKFURT (MNI) - The German federal government is seeking bids for a E3 billion sale of new 12-month bubills, the Bundesbank confirmed Friday. Bids are due by 0900 GMT on Monday, October 25. The announcement of the auction results will ...

Canada’s Flaherty: Agree With US Geithner’s C/A-GDP Target

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GYEONGJU, South Korea (MNI) - Canadian Finance Minister Jim Flaherty said Friday that Canada agrees with the proposal by U.S. Treasury Secretary Tim Geithner to link the pace of reducing current account imbalances to a share of GDP. He ...

EUR/USD stops seen through 1.3880

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Cable slides amid talk of fix interest

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Cable down at 1.5670 from around 1.5710 when I arrived, underminned by talk of sell interest lined up at 08:00 GMT fix. Given cable rallied initially to 1.5750, this latest fix interest is certainly being well front run. Which means a note of caution is probably warranted.

BOE’s Sentance: UK Needs Gradual Rate Hike To Head-Off Infl

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LONDON - Bank of England Monetary Policy Committee member Andrew Sentance has again called for gradual increases in the BOE's main interest rate in order to keep inflation expectations anchored amid persistent above-target inflation. "If ...

BIS seen buying USD/CHF

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USD/CHF up at .9725 from around .9690 when I arrived.  Haven't got levels unfortunately. EUR/CHF up at 1.3535 from early 1.3495.

Analysis: Germany SA Construction Orders Fell Back in August

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Real SA Construction Orders M/M: August -1.2% July +5.0% June -1.1% May -3.1% April -6.0% March -1.5% February +16.1% January -7.5% December +5.8% November -3.1% October +2.3% September -4.7% -- ...

FRANCE DATA: 4Q industry demand outlook stronger at..

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FRANCE DATA: 4Q industry demand outlook stronger at +9 vs 3Q -2 --4Q sa mfg PPI seen +0.7% q/q after +0.5% in 3Q --October mfg capacity utilization 77%, unchanged vs July

Japan Sep Supermarket Sales -0.3%, 22nd Y/Y Drop In Row

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TOKYO (MNI) - Sales at supermarkets in Japan open for at least a year fell ...

BOE’s Sentance Says UK Recovery Underway

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LONDON (MNI) - The U.K. economic recovery is clearly underway, a Bank of England policy-maker said Friday. Speaking to BBC's West Midlands radio, Monetary Policy Committee member Andrew Sentance said, "I do feel the recovery is taking place, but the ...

Full Text of US Treasury Geithner’s Letter To G20 Colleagues

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GYEONGJU, South Korea (MNI) - Group of 20 countries should not use foreign exchange manipulation to gain a competitive edge for their exports, U.S. Treasury Secretary Tim Geithner said in his letter to G20 colleagues dated Oct. 20 and obtained through a G20 source on ...

Canada’s Flaherty: G20 has agreed on direction of changes needed in currencies

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China expressed in bilateral meeting willingness to move towards more fx flexibility I'm sure they did.  As we say over here in the UK; "the proof of the pudding is in the eating"

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