Forex Market

FX FLOWS SO FAR

So far we have noted macro buyers of upsides in EUR$ this am.. Cash flow has been light. Lvls to watch being 1.4435 1.4451 1.4498 recent prev tops.

News LN: Positive – May IP grows 12.8% yoy (p2) LV: Neutral – May PPI decelerates to 7.8% yoy (p2) RU: Mixed – Sharper than expected decline in real disposable income at -7.0% yoy; May Production Capacity Investment increasing 7.4% yoy (p2)

FX DAILY STRATEGY Asia – 22 June 2011

PM Papandreou and Cabinet win confidence vote; EURUSD to rebound to 1.4500 Norges Bank rhetoric will be important since they were more dovish than expected at the last meeting FOMC to firm up its dovish tone

Daily Currency Briefing: After the vote is before the vote

G10 Currencies EUR: The Greek Prime Minister George Papandreou won the vote of confidence. At 155 votes in favour of the Prime Minister he was able to gain the support of all the members of his Pasok party.

UniCredit EEMEA Daily

News BG: Neutral – Govt auctions full amount of 10?Y notes: yield – 5.42%, bid/cover – 1.68 (p2) HU: Neutral – NBH leaves policy rate unchanged at 6% (p2)

Daily Currency Briefing: Europe’s fingers crossed approach

G10 Currencies EUR: Following the long meeting of the Ministers of Finance the press conference yesterday initially took the pressure off EUR-USD. And indeed the head of the Eurogroup Jean-Claude Juncker, EU Commissioner Olli Rehn and EFSF CEO Klaus Regling had good news to announce:

European FX Daily – USD trades poorly into modest risk recovery

– European currencies lead slight rally vs USD, Asian equities up 0.2-0.7% – AUD down modestly after minutes reaffirms RBA on hold until further notice – Focus on Greek parliament vote today

FX DAILY STRATEGY Asia – 21 June 2011

Events in Greece this week will remain hurdles for a EUR rally Recent hawkish comments from RBA’s Stevens could be further affirmed in this morning’s minutes, propping AUD higher US existing home sales likely to highlight the ill US housing sector, keeping UST yields below 3%

Global Macro Survey: Europe is perceived as a bigger risk

Optimism about growth has decreased significantly as investors increasingly expect euro area and Chinese issues to disrupt markets, according to the Barclays Capital Global Macro Survey, which captured the views of 862 institutional investors in June. Last quarter, the two asset classes that were widely viewed as being most attractive were commodities (with 41% of […]

Americas FX Daily – Markets look with concern to Tuesday’s vote

Markets look with concern to Tuesday’s vote What happened overnight – Eurogroup ministers delay €12bn loan disbursement to Greece – Japan trade balance falls further in deficit territory – Hungary Monetary Council likely to keep rates on hold at 6.00% today – US FOMC and Bernanke are unlikely to signal new policy measures

Daily Currency Briefing: Couldn’t they or didn’t they want to?

G10 Currencies EUR-USD: It finally arrived at 2.00 am (CET): the statement published by the European Finance Ministers relating to their meeting in Luxembourg (which started a day earlier). Those who had thought that following the approaches between Angela Merkel and Nicolas Sarkozy on the involvement of private bond holders everything would be quite quick […]

UniCredit EEMEA Daily

News BG: Neutral – May CPI readings come in flat mom (p2) CZ: Neutral – April C/A posts CZK 6.7bn deficit (p2) KZ: Positive – May constant price Retail trade turnover accelerates to 11.3% yoy (p2)