Dec 2, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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UK November construction PMI 51.8

Posted:

vs 51.6 in October, better than median forecast of 51.3. Helps give cable a lift, presently at 1.5658.

Spain sells 2468 mln euros of 3 year bond (1750-2750 mln target)

Posted:

Bid to cover ratio 2.3 vs previous 2.2 Yield 3.717% vs previous 2.527% That'll do.  Result gives EUR/USD a further little boost, presently up at 1.3165.

Spain PM Zapatero: Spain will not have to tap any EU fund – CNBC interview

Posted:

Euro zone needs a more integrated fiscal policy Consolidation process of Spain's banking system has not slowed down Pension reform big issue for start of 2011 Spain has had to inject less capital into financial system than any other euro nation Plans to reduce deficit being stringently kept to Spain needs to export more, seeks investment ...

IMF chief: IMF happy to provide financial, technical support to member states if needed

Posted:

Good man. Always nice to hear a man happy in his work. Comment has given EUR/USD a little boosterette......  We're presently up at 1.3132. Expects Ireland economy to come back rather rapidly Decisions taken in Ireland will fix problem in banking sector Europe taking care of the situation in the right way

Even more Bruederle: Sees good chances that Portugal and Spain will manage without tapping euro rescue mechanism

Posted:

Believes current level of EU rescue fund is sufficient Best-case scenario Ireland won't need a single cent from Germany Doesn't believe in return to national currencies in euro area, "not realistic" Giving up on euro would weaken the european economy

Still snowing…… And here’s some EUR/USD flow stuff

Posted:

Far east sovereign demand seen 1.3130. Middle Eastern sovereign demand seen 1.3100/10. European importer sell orders and others 1.3180/00. UPDATE:  Just heard small-ish stops through 1.3120.

More Bruederle: We’re making step by step progress for a resolution of the euro zone crisis

Posted:

Danger of protectionism is very high Except for euro zone, most currencies in world more or less manipulated ECB must remain independent (now don't you go bowing to pressure from those pesky Spanish and Italians) German businesses need to become more active in securing commodities

EUR/GBP touch firmer on day; sell orders noted

Posted:

EUR/GBP little firmer on day, presently at .8415 from around .8392 when I arrived. Talk of sell orders clustered .8425/30 and more at .8450. All I need to know now is where buy stops are and I'm in business.

German EconMin Bruederle: Germany will have high growth levels in next 4-5 years

Posted:

German GDP will reach pre-crisis levels in 2011 Well bully for Germany!! Thinks big danger that US fiscal stimulus too much Too much money into economy risks creating new bubbles More liquidity alone won't resolve problems of euro zone crisis countries Regrets Ireland was not motivated to raise corporate tax rate Few gems in their to ...

EUR/USD ticks cautiously higher

Posted:

EUR/USD has made some ground in early European trade, presently up at 1.3160, the euro garnering some cautious support from fact ECB's Trichet may just pull a rabbit or two out of the hat later today. Reports of sell orders up around 1.3200.

Spain, Italy seek action – WSJ

Posted:

Nations seen at risk of contagion press for a central bank move, officials say

Spain EconMin: Spain will only need to issue 30-31 bln of new debt in 2011

Posted:

Spanish Economy Minister Salgado has told the FT, the sale of state assets means Spain will only have to issue 30-31 bln euros  of new debt next year.

Spain Finmin: Eurozone Suffering From ‘Problem of Governance’

Posted:

FRANKFURT (MNI) - The Eurozone suffers from a "problem of governance" stemming from the lack of a common economic policy, Spain's Finance Minister Elena Salgado said in an interview with the Financial Times published Thursday. Salgado also called for better ...

EUR/USD sees little net change during Asian trade

Posted:

EUR/USD sits at 1.3120, little changed from a North American close Wednesday around 1.3135. Seems everyone's awaiting todays ECB meeting.  Normally it's nothing to get too excited about, but today is diffierent. While rates widely expected to be held steady at 1%, the market is waiting to see what ECB President Trichet ...

FRANCE DATA: 3Q ILO jobless rate stable q/q at 9.3%..

Posted:

FRANCE DATA: 3Q ILO jobless rate stable q/q at 9.3% --In line with MNI analysts survey median forecast --Including overseas regions rate also stable 9.7%

US DATA: Nov Monster Index fell 2 points to 134 vs…

Posted:

US DATA: Nov Monster Index fell 2 points to 134 vs 136 in Oct, but was up 12.6% from 119 in Nov 2009, the tenth consecutive yr/yr gain. Monster's senior vice president Jesse Harriott noted that the small dip in November may be due to seasonal issues and that the ...

ForexLive Asian market wrap: Quiet trade ahead of ECB

Posted:

The Asian market consolidated overnight moves higher in the EUR crosses but was unable to generate any fresh momentum ahead of the ECB statement later tonight Regional stockmarkets followed overnight leads and added almost 2% Japan's Q3 Capex stronger at +5% Australian retail sales disappoint at -1.1% QoQ against expectations closer to +0.3% Australian ...

US DATA: RealtyTrac reports that 188,748 U.S. in…..

Posted:

US DATA: RealtyTrac reports that 188,748 U.S. properties in some stage of foreclosure default, scheduled for auction or bank-owned (REO) sold to third parties in the third quarter, a decrease of 25% from the previous quarter and a decrease of nearly 31% from the third quarter of ...

EUR/USD breaks below 1.3100 in late Asian trade

Posted:

The next level of support will be a more important one at 1.3050. There's a possible double-bottom on the hourly chart and the neckline at 1.3050 has already held one test. We can expect the bigger stops to be positioned clear below there but there should be buying interest ahead.

EUR/JPY breaks below short-term support at 110.25

Posted:

Next level of minor support at 110.00
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