Forex Market
UniCredit EEMEA Daily
News PL: Mixed – June wage growth accelerates to 5.8% yoy from 4.1% yoy in May (p2) KZ: Positive – The state budget deficit narrows to 0.9% of GDP in 1H2011 from 1.6% of GDP the year before (p2)
What matters today (Asia edition) – July 19
Developed macro 1. Risk firmly off as eurozone debt crisis escalates and failure to raise US debt ceiling. 2. The ECB did not settle any bond purchases last week. 3. The German ZEW could fall sharply on sovereign woes.
Macrobullets – Monday – July 18
TOP FT: Plan D stands for Default … and the death of the euro {http://on.ft.com/rptYNq} Angela Merkel, the German chancellor, has warned that she will only attend an emergency summit on the eurozone financial crisis {http://on.ft.com/rtOooC} in Brussels on Thursday if there is going to be an agreement on a new rescue plan for Greece. […]
HK FX session wrap, USD/Asia run
As FX markets opened overnight USDCHF and EURCHF dived to trigger stops to the downside in thin liquidity to 0.8034 and 1.1365 respectively before recovering into the main Asian session.
HSBC Macrobullets – Friday – July 15
TOP: The results of the stress tests – due at 5pm UK time – are expected to see about 10 of the 91 banks tested fall short of having the required 5 per cent core tier one capital, including a clutch of four smaller Spanish savings banks and as many as three Greek banks {http://on.ft.com/qen3hU} […]
UniCredit EEMEA Daily – July 14
News KZ: Neutral – Minfin sells KZT11bn (EUR 53.5mn) 5y bonds (p2) PL: Positive – June CPI decelerates to 4.2% yoy (p2) RU: Neutral – Finance Ministry sells the lowest amount of OFZ at yesterday auction since Jan 2010 (p2)
Macrobullets – Thursday – July 14
TOP Moodys places US AAA Govt bond rating and related ratings on review for possible downgrade citing “rising possibility debt limit will not be raised on a timely basis”. Says probability of a US default on interest payments to be “low but no longer minimis” {http://bit.ly/nprjhf} President Barack Obama abruptly walking out of a key […]
UniCredit EEMEA Daily – July 13
News BG: Neutral – June CPI comes in at -0.9% mom (p2) CZ: Positive – June CPI drops to 1.8% yoy vs 2.1% yoy market cons HU: Positive – June CPI drops to 3.5% yoy form 3.9% yoy
Macrobullets – Wednesday July 13
TOP Moody’s cut Ireland’s credit rating to junk, warning that the debt-laden country would likely need a second bailout {http://reut.rs/pNMabr} Greece may buy back debt at an average price of about 50 percent of bonds’ nominal value, Financial Times Deutschland reported, citing a concept discussedby euro-zone governments.
HSBC FX Strategy and Economics Comments on China data
BOTTOM LINE: EXPECT TWO MORE RRR HIKES BY END Q3 AND STAY SHORT USDCNH. DONNA KWOK : China’s GDP was a touch higher than what markets expected at 9.6%yoy, but it decelerated nonetheless versus 1Q’s 9.7%yoy. The fact that sequential growth momentum held steady (GDP rose 2.2% on the quarter, seasonally adjusted) means that China […]
OVN FX Wrap
Lots of bits and pieces to digest, but unsurprisingly a quieter session than the start of the week with an underlying positive sentiment led by the recovery in stocks and higher Chinese GDP data.
UniCredit EEMEA Daily – July 12
News ES: Positive -International trade posts strong growth in May (p2) KZ: Positive – According to PM K. Masimov, Kazakhstan’s economy grew 7.1% yoy in 1H11 (p2) RO: Positive – May external trade data show both exports and imports accelerating to 32% YTD and 23.2% YTD respectively (p2)