Forex Market
EM Country Briefing: EM Asia Forecast Update – June
Inflation remains the overriding concern in Asia with the spectre of slowing global growth and an ongoing European debt concerns overhead. So far activity data shows that China is slowing only gradually, but tightening financial conditions in the interbank market could lead to a reduction in lending to businesses.
FX DAILY STRATEGIST: Europe – 24 June 2011
Focus reverts to Greek budget vote on Tuesday, but tensions to persist even if passed. Comments from EU Summit, Chinese Premier Wen may buoy EUR sentiment before then. IEA actions smack of desperate measures, but if oil stays down H2 growth prospects are improved.
UniCredit EEMEA Daily
News CZ: Neutral – CNB leaves policy rate unchanged at 0.75% (p2) KZ: Neutral – MinFin places 6Y GB KZT 4.3bn (EUR 20.5mn) (p2) RO: Neutral – MinFin auctions RON 0.3bn in 2011 ROMGB: yield – 7.47%; bid/cover – .3.21 (p2) TK: Neutral – MPC leaves policy rate unchanged at 6.25%, no fine-tuning of RRR […]
Global Macro Daily (London Open) – June 24
Investors face substantial economic risks that justify cautious positioning. However, we believe that there are significant positives in the investment context as well (see Focus below). Continued concerns about Greece’s ability to pass the austerity programme necessary to gain access to EU/IMF funding weighed heavily on EGB spreads and an outright market rally on weak […]
Daily Currency Briefing: EU puts all its eggs into one basket
G10 Currencies EUR-USD: The Eurozone heads of government once again put the pressure on: while on Monday the Ministers of Finance had still declared that they wanted to develop “the parameters of a clear new financing strategy” Greece until the beginning of July the work is now likely to be completed by that stage.
European FX Daily – More data disappointment in store?
– Majors and Asian currencies in tight ranges, Asian equities up 0.3-1.2% – US durable goods and German Ifo likely to disappoint
FX DAILY STRATEGIST: US – 23 June 2011
FOMC disappoints, Fed becoming more divided? USDJPY looking on slightly firmer ground above Y79.50. EUR back on the skids as growth concerns and absence of risk appetite jump to the fore.
Americas FX Daily – Weak PMIs put pressure on the growth trade
What happened overnight – HSBC China flash PMI falls to 50.1 from 51.1, new orders below 50 – Eurozone mfg PMI falls to 52 from 54.6, new orders below 50
FX DAILY STRATEGIST: Europe – 23 June 2011
FOMC disappoints those looking for stronger balance sheet commitment. USDJPY looking on slightly firmer ground above Y79.50 GBP loses significant ground, but we look for more.
Global Macro Daily (London Open)
Estimated official intervention in May was larger than expected, given the USD’s firmness during the month. Our base case is that EUR/USD will edge higher as the European situation stabilizes, but there are risks, given the fragile market environment and market positioning imbalances that are fostered, in part, by intervention (see Focus below).
FX DAILY STRATEGY Asia – 23 June 2011
FOMC expresses confidence in growth pick-up; disappoints those looking for stronger balance sheet commitment USDJPY looking on slightly firmer ground above Y79.50 GBP loses significant ground, but we stay short
Americas FX Daily – Market “sells the fact” after confidence vote
What happened overnight – Greek government survives confidence vote with 155 votes – June MPC minutes not possibility of renewed QE – Sweden manufacturing confidence better than expected