Developed macro
1. The EU, IMF and ECB inspectors have completed the review on Greece paving the way for the EUR8bn tranche to Greece to be released early November.
2. The Slovakian vote on the enhanced EFSF has been delayed to later this week
3. The ECB (in coordination with the Fed, the BoJ, the BoE and the SNB) is conducting the first of the three USD tenders at a term of three months
4. Eurozone industrial production for August will likely surprise to the upside
5. Japan’s machinery orders sharply increased in August.
Interest rate strategy
1. Despite yield rise, further move on upside could be difficult without further progress on EU rescue effort
2. German 30Y Bund auction for final time this year
FX strategy
1. EUR: Overreaction to European policy news suggested by FOMC reaction.
2. EUR: Troika’s less than positive Greece review.
3. JPY: Persistent inflows offset negative influence of risk aversion decline.
Emerging markets
1. Rate cut by Bank Indonesia reflects focus on growth
2. We favour steepeners in the Asian rates space
3. India: August industrial production to quicken to 7.0% YoY
Commodity markets
1. Gold continues to struggle to sustain rallies.
2. Technically, gold and palladium are poised to go lower.
3. Alcoa’s earnings to provide valuable insight into the global outlook.
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http://www.easyforexnews.net/wp-content/uploads/2011/10/WMT_2011-10-12.pdf
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