Forex Market
FX DAILY STRATEGIST: Asia – 21 October 2011
EURUSD ends flat after another day in the EZ-headline tumble dryer There seems to be no end to the euro zone headline-driven buffeting being inflicted on the spot FX market, but somewhat fitting that EURUSD ended the NY trading day little changed from where it opened in Asia – as too US stocks.
Behavioral Finance: Daily Forex Outlook: Euro counts down to EU summit
EUR/USD (1.3725) Leveraging the EFSF to stem debt contagion involves potential political and economic costs which are the point of contention at the EU weekend summit. While France supports the idea of turning EFSF into a bank that could tap the ECB, Germany endorses enabling the EFSF to insure a part of peripheral euro debt.
UniCredit EEMEA Daily
News CZ: Neutral – MinFin sells CZK 7.5bn CZGB VAR/23 (CZK 8bn on offer): bid/cover 1.54, yield 12M PRIBOR + 49.5bp (p2) LV: Positive – President names Valdis Dombrovskis as new PM (p2) PL: Mixed – September IP growth slows to 7.7% yoy, PPI accelerates to 8.1% yoy / new 5y POLGB bmrk sees very […]
UniCredit EEMEA Daily
News HU: Positive – August gross wages rise 6.5% yoy (p2) LT: Positive – Govt presents 2012 draft budget to parliament and announces details of three-year financial plan (p2) LV: Mixed – Previous parliamentary speaker re-elected, President initiates further coalition talks (p2) PL: Negative – Labor market data confirm economic slowdown (p3) TK: Mixed – […]
FX DAILY STRATEGIST: US – 19 Oct 2011
Eurozone headlines to remain in the driver’s seat Markets have continued to trade the USD in the context of a risk on/off mindset and today risk- on has prevailed with the USD softer across the board. The catalyst in Asia was the expansion of a Japan-South Korea currency swap arrangement by a year and to […]
Bank of England Minutes – go in short GBPUSD and stay short
The strong link between EURUSD and GBPUSD saw GBPUSD dragged higher overnight on reports in the Guardian which claimed that France and Germany had agreed to increase the size of the EFSF to EUR 2trn from EUR 440bn.
Behavioral Finance: Daily Forex Outlook: EFSF leverage unlikely to ease debt worries
EUR/USD (1.3810) The euro and the equity markets moved up on the Guardian’s Tuesday evening report that France and Germany have agreed to boost EFSF to two trillion euros. Germany’s Finance Minister Schauble’s comments later that EFSF will expand to a maximum 1 trillion, although confusing, give an impression that eurozone politicians are at least […]
FX DAILY STRATEGIST: Asia – 19 October 2011
Market rallies on story of an expansion of EFSF which was later denied After a breadth of negative euro news resulting in risk-off trade for much of Tuesday, the market sharply turned around on a UK Guardian report that France and Germany agreed to boost the EFSF to EUR2trn. The EFSF would become an insurer […]
Behavioral Finance: Daily Forex Outlook: The deflator
EUR/USD (1.3775) The euro slid almost 200-pips early on Monday after German finance minister Schäuble announced that the October 23rd summit will not present any definitive solution to the eurozone debt crisis.
SG FX Daily – EUR/USD recovery is over
China’s GDP growth duly slowed to a ‘mere’ 9.1% on an annual basis in Q3. Industrial production picked up to 13.8%, retail sales to 17.7%. It is hard to interpret these figures as anything other than an orderly slowdown, but already policy-makers are sounding more relaxed about inflation and warnings about the risk of a […]
What matters today (Asia edition)
Developed macro 1. Germany denies markets’ hopes on the possibility of rapid resolution of the European debt crisis 2. Expectations are for relatively resilient German ZEW business confidence index in October 3. UK CPI inflation to edge higher in September largely due to substantial hikes in utilities prices
FX DAILY STRATEGIST: US – 17 Oct 2011
Eurozone optimism to be tested ahead of Sunday EU Summit The risk rally from last week continued into the Asian session with the G20 weekend meeting promoting expectations of a concrete plans to be put in place at the EU Summit on 23 October on the leveraging of the EFSF, European bank recapitalisations and details […]