Forex Market
Rumour mill keeps spinning: now ESM to get ECB funding
Despite it being another light day data wise we can anticipate more action today ahead of the highly anticipated December 9 EU Summit on Friday. In other Eurozone news Greek Prime Minister Papademos’ 2012 budget got parliamentary approval; a budget which aims to cut the deficit in half to 5.4 percent of GDP.
EU Treaty change: Its all about timing
“Life is about timing” – Carl Lewis Australian GDP data overnight was higher than expected with the Q3 growth comparison rising 1.0 percent from the previous quarter (+2.5% year on year), in addition to an upward revision to the Q2 data itself.
UBS Spot Desk: EURUSD Still A Dip Buy
Brave buyers of EURUSD on the lows yesterday have been rewarded with a rally of more than a big figure back to 1.3450 this morning. We still believe that risk sentiment, and therefore EURUSD, will stay supported into tomorrow’s ECB meeting and the EU summit on Friday, and we will continue to buy dips in […]
Press articles helping risk today ahead of Friday
Positive mood as we open. EUR taking out yesterday high 1.3430 (stops being triggered the only buyers so far)
UniCredit EEMEA Daily
News CR: Neutral – Centre-left coalition wins 81 seats in parliament (p2) CZ: Mixed – Nominal wages grow 2.4% yoy in 3Q (p2) LV: Negative – Nov IP growth decelerates to 5.1% yoy (-0.9% mom sa) (p2) RO: Positive – MinFin sold RON 1.1bn in 7M T-Bills – yield 6.6% / Positive – Oct retail […]
More Strict Treaty, no help from S&P
Euro-sentiment gyrations continue, US fiscal haggling continues S&P put 15 Euro nations’ credit ratings on negative CreditWatch, including all six triple-As. S&P is worried about the “deepening political, financial and monetary problems with the European economic and monetary union”.
Behavioral Finance: Daily Forex Outlook: IMF detour to pave the way?
EUR/USD (1.3405) There is yet another eurozone resolution blueprint in the market namely a special fund under the auspices of the IMF. Market perception seems to be that the process to channel around €200bn from ECB, Fed and other central banks to a special fund coordinated by IMF is already underway.
FX Daily Strategist: Europe London – 05 December 2011
EURUSD defies an okay US payrolls report… Taking revisions into account, Friday’s US payrolls report was on the strong side of expectations, but markets chose to focus on the fact that much of the fall in the unemployment rate was the result of of a 0.2% drop in the labour participation rate rather than from […]
Australia: Global PMI says RBA easing cycle is baked into the cake
A consistent theme in our research over the past month has been that the November rate cut is best viewed as the start of an easing cycle rather than a ‘fine tune’. The Reserve Bank of Australia’s (RBA’s) willingness ease with full employment and underlying inflation at the midpoint of its target band, in our […]
Asian session recap, orderbook and USD/asia run
1) Asian session summary G10 trades sideways for most of Asia with the only moves occurring in the very early hours before most had woken. AUD opened a little softer (25pts) in very early Sydney/Wellington trade following a weaker Chinese Non-manufacturing PMI release over the weekend (49.7 vs prev 57.7), AUDUSD touching 1.0185.
European FX Daily – Focus on payrolls
– FX markets in a range, Asian equities mixed – US employment likely robust, but limited impact on risk sentiment – Bank of Mexico likely to keep policy rate unchanged at 4.5%
What matters today (Asia edition)
Developed macro 1. Solid French and Spanish bond auctions as well as the strong US ISM Manufacturing PMI failed to uphold Optimism 2. Today focuses will be on Merkel’s speech (see below) and the US non-farm payrolls.