Forex Market
Brazil’s Real continues to decline on continuing concern about Europe
Brazil’s real weakened against the dollar Monday as concern about the debt crisis in Europe continued to spur investors to buy dollars. The real weakened to BRL1.8653, from BRL1.8534 at the close Friday, according to Tullett Prebon via FactSet.
Eurogroup Call Eyed
Conviction was lacking in the European session and risk appetite was mixed. Political uncertainty in North Korea was partly offset by the prospect of potentially euro-positive headlines later today from the Eurogroup conference call.
Improvement in EURO?
The European Union fiscal accord reached earlier this month has been roundly declared a disappointment, prompting analysts to declare that there’s little preventing the common currency from setting new 2011 lows. More speculation that Europe’s most-indebted nations could have their credit ratings cut will likely pressure the euro this coming week, with a slowdown in […]
Behavioral Finance: Daily Forex Outlook: ECB may have bonded with the markets
EUR USD (1.3030) The combination of a quadruple witching expiration and the absence of an EU summit at the weekend, ensured low volatility on Friday.
Greece talks
Talks between Greece and its private creditors over a planned debt exchange program have advanced, a local newspaper reports Monday, after the two sides reached a deal to apply U.K. law to new bonds issued by the Greek government.
Bad Loans in Spain
The bad debt ratio of Spains’s banking sector rose for the seventh consecutive month in October and hit a fresh 16-year high, data released Monday by the Bank of Spain showed.
Greece fresh austerity in 2012
Greece’s international auditors have told the government it must adopt a further EUR2 billion in fresh austerity measures early next year, a local newspaper reports, amid signs that the country will miss its revised 2011 budget targets.
UniCredit EEMEA Daily
News CZ: Neutral – Nov PPI added 0.4% mom, unchanged yoy at 5.6% (p2) RU: Mixed – Putin’s Q&A session includes the usual tough rhetoric, hints of liberalization (p2)
SG FX Daily – Can we have an end-year ‘risk rally’?
There is still a chance that beleaguered EM currencies, equities and ‘risk’ will end the year better f you wanted evidence that FX moves don’t reflect economic virility, you could do worse than reflect on the fact that the yen will certainly be the strongest G10 currency in 2011, and the Swedish krona the weakest.
UniCredit EEMEA Daily
News CZ: Mixed – 2012 budget passed the final voting in the lower house of parliament (p2) KZ: Positive – Nov retail trade turnover came in at 11.1% yoy (0.6% mom sa) (p2) LV: Mixed – 10M11 C/A moved further into deficit with a negative LVL 29mn Oct reading, FDI record strong inflow of LVL […]
FX DAILY STRATEGIST: Asia – 15 Dec 2011
Norges Bank surprises with -50bp but NOK still fares better than AUD, NZD and CHF Against the expectations of all but a couple of local houses, the Norges Bank surprised with an aggressive 50bp cut to its deposit rate Wednesday, citing higher funding costs and significant downward revisions to the economic outlook. Though the Norges […]
European FX Daily – Focus on European PMIs
– IDR leads Asian FX weakness vs the USD, equities down 0.6-2.3% – Likely mixed US IP and Fed survey, limited impact on risk sentiment – SNB likely to keep 1.20 EURCHF floor – Further deterioration in euro area PMIs to weigh on the EUR