Forex Market
European FX Daily – Risk sell-off resumes on lack of solutions for Europe
– NZD and KRW lead sell-off vs. USD, Asian equities down 0.9-5.1% – German Ifo likely to weigh on the EUR – European policy in focus this week – USD growth data likely to be soft while inflation likely firmer
HSBC – Top Research from the weekend
Please find below a few key pieces of research over the weekend: 1) EFSF Vote in German Parliament {http://bit.ly/qiLuz7} 2) EZ Sovereign Debt Crisis – Who, What, Where and When {http://bit.ly/rsunKS} 3) Asian FX: CNH unsettled by contagion {http://bit.ly/pDjPSY} 4) HSBC Essentials {http://bit.ly/qDLhNI} 5) HSBC forecast changes {http://bit.ly/n5OPxo}
Behavioral Finance: Daily Forex Outlook: Universal pessimism descends on the market
EUR/USD (1.3530) David Cameron told Canada’s parliament last night that ‘the problems in the eurozone are now so big that they have begun to threaten the stability of the world economy’. The UK prime minister said that eurozone leaders must quickly implement what they have agreed upon.
UniCredit EEMEA Daily
News CZ: Neutral – CNB left the repo rate unchanged at 0.75% (p2) RO: Negative – MinFin sold RON 0.1bn 10Y ROMGB: yield 7.65% (p2) SA: Negative – SARB leaves repo rate unchanged, discussed rate cut SI: Negative – Moody’s cuts rating by one notch to Aa3 with negative outlook citing economic slowdown and banking […]
O/n Wrap, Orderbook & Flow, $Asia, G20
1) Overnight Asia Wrap G20 Headlines dominate the day… Asian equities trashed to start the day, keeping pace with their counterparts on the other side of the globe. Kospi down over 5% the biggest mover. Rumors then began to circulate of a emergency press release from the G20, ” JIJI SAYS G20 TO CONFIRM COOPERATION […]
What matters today (Asia edition)
Developed macro 1. Risk-off sessions were seen with intensifying worry about double-dip recession 2. No first-tier data in Europe, but key European speakers in Washington.
HSBC: Currencies: Technical Analysis: Could Greek stocks be turning bullish?
We often say that as technical analysts, “ours is not to reason why, ours is just to sell or buy”. But Greek stocks could be turning bullish. Cycle evidence suggests that the Athens stock market is close to a significant low and that the underperformance versus Germany is about to reverse.
Global FX Special: No ‘twist’ for FX
No ‘twist’ for FX We maintain a defensive stance in FX amidst few surprises from the Fed The FOMC announces much anticipated ‘twist’ operation to extend the average maturity of its balance sheet. Overall the Fed’s dovish stance reaffirms a weak growth outlook and keeps us defensive on global currencies. Our preferred trades include: CAD, […]
UniCredit EEMEA Daily
News CZ: Positive – MinFin sold CZK 8.2bn CZGB 2.75/14: yield 1.65%, bid/cover 2.34 (p2) KZ: Neutral – Minfin placed KZT 10bn (EUR 50mn) in 13Z t-bonds: yield 5.0% (p2)
What matters today (Asia edition)
Developed macro 1. Markets disappointed by Operation Twist and downbeat Fed outlook. Risk assets set to remain under strong pressure 2. Eurozone ‘flash’ PMI indices to fall further while remaining consistent with subdued, albeit positive GDP growth. 3. FOMC to shift $400 billion in Twist operation to put downward pressure on longer-term interest rates and […]
G10 Forecast changes
Given the important developments in the global economy over the past month, we have changed a number of our forecasts. These are published on Barclays Capital Live as they were needed for the EM quarterly. We will discuss them in greater detail in our G10 quarterly (published Thursday).
Americas FX Daily – Tighter ranges as the FOMC approaches
What happened overnight – EUR and equities rally modestly ahead of the FOMC – FOMC may deliver “twist”; a cut in IOR remains a possibility – BOE minutes likely to show more votes for new QE – Norges on hold