Forex Market
UniCredit EEMEA Daily
News HU: Mixed – NBH hikes policy rate by 50bp to 7.00%, statement is a tad less hawkish than last time but multi week outlook strongly depends on the IMF/EU talks (p1) LT: Positive – 3Q C/A comes in at LTL 0.6bn, FDI records another strong positive quarterly reading (p2)
EUR extends its recovery as China allocates funds to local stocks
The risk rebound that started overnight extended in the early part of Asian trading as markets reacted to news that China’s National Social Security Fund (NSSF) plans to invest Yuan 10 bln (USD1.58 bln) in local stocks. A similar move had also been announced by Taiwan and this led to a broader up-move in Asian […]
USD/JPY ANALYSIS
Another limp session for USD/JPY traders in Asia after the pair recovered from NY lows of Y77.71. The USD opened this morning at Y77.88 and failed to break above Y77.90 before heading lower again.
FX Daily Strategist
EU finance ministers conference call communique sends equities and risk lower While much of the Asian and NY trading sessions were relatively quiet, the turnaround came following headlines out of the EU finance ministers’ conference call. The EU finance ministers agreed to lend EUR150bn to the IMF. Four non-euro users (the Czech Republic, Denmark, Poland […]
GBP/USD ANALYSIS
Opened early Europe at $1.5522 stg0.8382 – GBP/USD closed in NY at $1.5499, after correcting back from NY highs of $1.5545 to $1.5492.
EUR/USD ANALYSIS
Opened early Europe at $1.3010 – EUR/USD closed in NY at $1.2999, after rate recovered off late NY pullback lows of $1.2988.
USD/JPY ANALYSIS
Opened in early Europe at Y77.97 and Y101.43 – USD/JPY continued to be ignored by the markets in Asia as the run up to the Xmas holiday continues.
Europe – still in search of the Holy Grail?
In what has become an extraordinarily quiet final period of 2011, there have been a number of developments that will leave their mark on financial markets for a long time to come.
Behavioral Finance: Daily Forex Outlook: How long is the short-term?
EUR/USD (1.3005) In his speech before the European Parliament on Monday, ECB President Draghi not only reiterated that the austerity programmes cause short-term economic contraction, he even gave clues as to what ‘short-term’ meant.
Market wants to take a holiday, but will it be allowed to?
Markets are normally very thin during the last two weeks of the year, as many investors and hedge funds have more or less closed up shop for the year and a many are away from their desks on holiday. This year is no exception. And yet, while the majority of market participants might prefer to […]
UniCredit EEMEA Daily
News HU: Mixed – Econ committee submits eight changes to disputed central bank law (p1) PL: Mixed – Nov IP growth accelerates to 8.7% yoy / Nov PPI accelerated to 8.9% yoy (p2) RO: Positive – MinFin sells 1Y T-Bills RON 1.7bn (RON 1.3bn planned): avg. yield 6.55%, bid/cover 2.2 (p2)
Slow markets in Asia despite RBA minutes appearing less-dovish
It was another session of quiet musings for currency markets during the Asian session with very little to drive activity from either headlines or data. The highlight was the release of the minutes from the Reserve Bank of Australia’s December meeting which proved to be a tad more optimistic on the domestic front, and less-dovish […]