Forex News
Another Summit comes, goes, disappoints
Too little was achieved for investors to buy much European bonds. Euro remains vulnerable. When all is said and done, this was another under-achieving Summit. Friday’s positive initial reaction to the news that the Euro Zone economies (and the rest of the EU bar the UK) were in agreement to create a new set of […]
UniCredit EEMEA Daily
News CZ: Neutral – 3Q C/A deficit posted negative CZK 42.2bn, FDI came in at CZK 5.3bn (p2) RO: Positive – MinFin sold 2Y T-Bonds worth RON 743mn vs. RON 700mn planned: bid/cover 2.7, avg. yield 7.15% / Mixed – Oct IP growth decelerated to 4% yoy (p2) LV: Positive – IMF released statement fowling […]
UBS Spot Desk: Euro Hopes Hobbled
The ECB disappointed a market full of hope on the bond buying front yesterday and risk trades look set to remain under pressure given the growing prospect that the EU summit does not deliver significant initiatives. After the first day of talks, it’s clear that treaty changes won’t include all 27 EU member states, with […]
BoE, ECB to ease ahead of EU summit?
Ahead of tonight’s start of the much anticipated EU summit where Chancellor Merkel and President Sarkozy will seek talks of a more integrated EU and Eurozone with stricter regulation we have both the European Central Bank and Bank of England to provide some action.
Australia: Change in RBA statement phrasing appears to signal willingness to push into accommodative territory
Bottom line: Going into the Reserve Bank of Australia (RBA) December board meeting, commodity price and global PMI developments and historical precedent suggested to us that an easing cycle had started. While we sensed no urgency in RBA commentary going into the meeting, with the possible deferment of action to February, this week’s rate cut […]
UniCredit EEMEA Daily
News BG: Mixed – Oct retail sales drop -2.6% yoy / Oct IP advances 2.4% yoy (p2) CZ: Negative – Investor bids in the auction for CZGB VAR/23 amounted to CZK 5.65bn, below the CZK 7bn volume indicated for sale / Oct IP growth slowed to 1.7% yoy (p2) PL: Neutral – MPC kept interest […]
Australia: Still close to full employment in November
November employment data was a bit weaker than expected, with the number of people employed falling by 6,300, although revisions to previous months partially offset this decline.
Press articles helping risk today ahead of Friday
Positive mood as we open. EUR taking out yesterday high 1.3430 (stops being triggered the only buyers so far)
UniCredit EEMEA Daily
News CR: Neutral – Centre-left coalition wins 81 seats in parliament (p2) CZ: Mixed – Nominal wages grow 2.4% yoy in 3Q (p2) LV: Negative – Nov IP growth decelerates to 5.1% yoy (-0.9% mom sa) (p2) RO: Positive – MinFin sold RON 1.1bn in 7M T-Bills – yield 6.6% / Positive – Oct retail […]
More Strict Treaty, no help from S&P
Euro-sentiment gyrations continue, US fiscal haggling continues S&P put 15 Euro nations’ credit ratings on negative CreditWatch, including all six triple-As. S&P is worried about the “deepening political, financial and monetary problems with the European economic and monetary union”.
Australia: Global PMI says RBA easing cycle is baked into the cake
A consistent theme in our research over the past month has been that the November rate cut is best viewed as the start of an easing cycle rather than a ‘fine tune’. The Reserve Bank of Australia’s (RBA’s) willingness ease with full employment and underlying inflation at the midpoint of its target band, in our […]
Asian session recap, orderbook and USD/asia run
1) Asian session summary G10 trades sideways for most of Asia with the only moves occurring in the very early hours before most had woken. AUD opened a little softer (25pts) in very early Sydney/Wellington trade following a weaker Chinese Non-manufacturing PMI release over the weekend (49.7 vs prev 57.7), AUDUSD touching 1.0185.