Forex News
UK unemployment rise has no silver lining
The rise in the unemployment rate to 8.1% that was reported yesterday is unlikely to be the last of the bad news from the labour market. We think there are good reasons to expect unemployment to rise further.
UniCredit EEMEA Daily
News BG: Neutral – CPI slows to 3.3% yoy, flat mom (p2) CZ: Neutral – FinMin M. Kalousek says this year’s public sector deficit will end up below 4% of GDP (p2) PL: Neutral – At the switch tender MinFin bought back PLN 0.8bn DZ1111, PLN 1.2bn OK0112 and PLN 0.8bn PS0412 against PLN 3.2bn […]
Australia: Employment surprises to the upside in September
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE) Employment increased 20,400 (0.2%) to 11,451,200. Full-time employment increased 10,800 persons to 8,044,200, and part-time employment increased 9,600 persons to 3,407,100. Unemployment decreased 3,800 (0.6%) to 634,200. The number of persons looking for full-time work decreased 6,200 to 453,100, and the number of persons looking for part-time work increased 2,400 […]
FOMC Minutes: QE Kept in Reserve in Case of Further Weaknes
The bottom line from the Minutes of the FOMC meeting on 20-21 September 2011, is that Operation Twist was regarded by the majority of members of the Committee as the most measured response to the deterioration in the economic outlook and that QE is being kept in reserve in case conditions weaken more markedly because […]
Russia flows and eod
Good rally in FX RUB, which ends the day 1.4% stronger vs USD and 0.95% vs FX basket (31.10 and 36.43 respectively). Despite o/n coming back to 4.5% level (yday 6.0% spike was caused by local bank in need to cover unexpected funding) and rates sell-off on stronger RUB – we saw good bids coming […]
HSBC Macrobullets – Wednesday 11 October 2011
TOP The US senate has passed the currency bill 63-35. Passage at this stage was highly expected, but all indications are that it is unlikely to either pass the House, or the White house. HSBC write up {http://bit.ly/pGIg11} and {http://bit.ly/qa5unx} Slovakia’s opposition leader said lawmakers must find a way to approve the EFSF enhancement which […]
Americas FX Daily – USD regains ground ahead of EFSF vote
What happened overnight – Slovakian coalition party says it will not support EFSF enhancement – UK manufacturing production weaker than expected – Sweden CPI below consensus forecast
UniCredit EEMEA Daily
News CZ: Positive – CPI dips 0.2% mom in September / Positive – September unemployment falls 0.2%-points to 8.0% (p2) KZ: Positive – PM posted on tweeter that real GDP growth was 7.0% yoy in Jan-September (p2) PL: Positive – Election results show strong support for the Civic Platform (p2) RO: Negative – MinFin issues […]
Turkey watchers
Turkey’s current account deficit came out in line with expectations at about USD4.0bn in August. The deficit was at 5.3bn in July. Compared to August last year, the deficit is up 30% but the important point is that there is a clear slowdown in the pace.
FX DAILY STRATEGIST: Asia – 11 October 2011
Merkel-Sarkozy assurances taken at face value, EUR shorts continue to cover…….. The DXY version of the dollar index lost some 1.5% Monday and US equities posted their strongest one-day gain since August 23rd. This was after the market chose to take at face value assurance from French President Sarkozy that he and German Chancellor Merkel […]
What matters today (Asia edition)
Developed macro 1. The result of the Slovakian vote on EFSF 2.0 remains uncertain as the SAS party has continued to reject agreement 2. UK industrial production set to contract in August 3. Japan’s current account surplus narrowed in August
FX Intraday Comment – Markets squeezed but watch Slovakia
Heading into last weekend markets knew Merkel and Sarkozy would meet on Sunday to discuss the G20 leaders’ summit in Cannes scheduled for 3-4 November. It seemed reasonable to assume the duo – who have held regular meetings in recent months – would not come up with anything specific on a meeting three weeks away.