Dec 6, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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Euro zone sentix index falls to 9,7 in December

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Down from 14.0 in November, and below median forecast of 11.0.

Italian/German 10 year bond yield spread widens 9 bps to 168 bps

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Spanish/German 10 year bond yield spread widens 10 bps to 235 bps Italian 5-year cds rise 9 bps to 210 bps;  Spanish 5-year cds rise 11 bps to 310 bps; Irish 5-year cds rise 19 bps to 560 bps; Greek 5-year cds rise 18 bps to 905 bps; Portuguese 5 year ...

UK DATA: UK Nov car registrations -11.5% SMMT……..

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UK DATA: UK Nov car registrations -11.5% year-on-year: SMMT

EUR/GBP lower; European sovereign sells

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EUR/GBP down at ..8466 from early .8480, with European sovereign said to have been notable seller in recent trade.

Ireland ‘likely’ to leave euro

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This article in yesterdays Irish Times is being noted. EUR/USD at session low 1.3308. Meanwhile european stocks have turned negative, DAX now down 0.2%.

ACB seller helps extend EUR/USD slide

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Bank of Korea a noted seller of EUR/USD  and we've been as low as 1.3311, presently at 1.3316.

EUR/USD touch easier

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Presently at 1.3334.  The Big German seen selling in recent trade. Talk of buy orders clustered down at 1.3320.  Will they be enough to provide durable support?  Buggered if I know. UPDATE:  No they won't.  Brief pause at 20 and then lower.  Morale of the story; taking on the Big German can by ...

Firewall needed as eurozone stands on brink of meltdown

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Sir John Gieve, former Deputy Governor of the Bank of England, in The Telegraph.

Spain Finmin: Won’t Seek EFSF Aid; Bigger Fund Not The Issue

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PARIS (MNI) - Spain does not need to seek aid from the European Financial Stability Facility, and enlarging the resources available through the EFSF is not what European policymakers should be focusing on, Spain's Finance Minister Elena Salgado said in a newspaper interview published Monday. ...

European stocks trading very marginally firmer

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DAX up 0.3%;  FTSE up 0.4%;  CAC 40 up 0.2% Spain's IBEX 35 up 0.1%;  Italy's FTSE MIB up 0.4%

Update: Juncker, Tremonti Propose EU Sovereign Bond Issuer

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--Urge EU Leaders To Take Up Proposal This Month --Adds Reports Of IMF Pressure For Larger Bailout Fund, ECB Bond Buys BEIJING (MNI) - The European Union should create a single sovereign bond issuing agency for the entire region to help calm market concerns over debt among ...

USD/JPY having opened touch firmer, steady in early European trade

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USD/JPY sits at 82.85, marginally firmer from a North American close Friday down around 82.55. Barrier option interest is noted at 82.50. Reports of Kampo buy interest just ahead of there. Sell stops just below. On topside, sell orders clustered up around 83.00, with buy stops reported through 83.10.

LCH.Clearnet cuts margin on Irish govt debt

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Cuts margin on 10 year Irish govt bond to 30% of net positions from 45%.

Moody’s downgrades Hungary’s govt bond rating to Baa3

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From Baa1: outlook negative Cites increased medium and long term fiscal concerns, external vulnerabilities for Hungary downgrade Hungary govt relies on temporary measures; structural budget deficit is set to deteriorate Longer term implications of Hungary's pension system changes are negative for public finances May again downgrade Hungary if govt fails to stabilise its financial ...

China President Hu, in call with Obama, says China, US have wide common interests to cope with global financial crisis

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China, US should strengthen dialog and trust in dealing with sensitive issues China highly concerned about situation on Korean peninsula Deeply regrets exchange of fire between North, South Korea tha led to casualties Korean peninsula situation could escalate out of control if not dealt with properly

China’s credit bubble on borrowed time as inflation bites

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Royal Bank of Scotland has advised clients to take out protection against the risk of a sovereign default by China as one of its top trades for 2011. This is a new twist. Latest from AEP at The Telegraph.   Thks to Warwick for heads up.

EUR/USD sells off during Asian trade

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EUR/USD down at 1.3350 from a North American close Friday up around 1.3415.  Inbetween the pairing did manage to get to 1.3452 in ultra-thin early Sydney/Wellington trade, before meeting decent selling from model funds. Fed's Bernanke came and went. Whilst he didn't rule out further QE, his comments were deemed more ...

French FinMin: EUR still a strong currency

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Reuters newswires Me thinks they doth protest too much (if Shakepeare will forgive my paraphrasing).

ForexLive Asian market wrap: USD rebounds after Bernanke comments

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In a television interview Ben Bernanke said that whilst more than $600 bln QE was certainly possible, it was an ongoing policy option. Unemployment rate at 9.8% remains a concern Fear of inflation greatly exaggerated ECB's Noyer: Financial market's fears about Ireland will ease ECB's Nowotny: Amputation of states from EU would have massive disadvantages Spain's Salgado: ...

Around the markets

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Nikkei -0.2%, HK +0.5%, Shanghai -0.2%, Kospi -0.4%. Gold +0.4% $1412/oz, Oil $89/bbl.
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