Forex News
Overnight Asia Wrap, Orderbook & Flow, $Asia and Levels
1) Overnight Asia Wrap We opened with risk bouncing and the USD well off its NY highs. Asia’s initial move was to extend this USD dip which was further exacerbated by decent AUD demand at the Tokyo fix. The notable exception to this USD move was the NZD which was lagging after being downgraded by […]
What matters today (Asia edition)
Developed macro 1. EFSF approvals fail to provide a lasting boost to sentiment as peripheral worries and growth concerns remain elevated After Germany yesterday, Austria is expected to approve the EFSF 2.0 today 2. Eurozone HICP inflation is likely to surprise to the upside by rising to 2.7% YoY
US: Jobless claims fall suggesting still weak trend but some relief
Initial jobless claims dropped to 391k in the week ending September 24 from an upward revised 428k the week prior. The 4-week moving average moderated to 417k from 422k.
Russia: RUB Set to Rebound
RUB has sold off strongly recently, for a total decline of 15% against the basket and 17% against the dollar since the end of July, breaking through the psychological barriers of 32 to the dollar and 37 to the basket and pushing against the upward edge of the corridor.
Behavioral Finance: Daily Forex Outlook: Euro maintains optimistic undercurrent, for now
EUR/USD (1.3615) Eurozone policymakers seem to have been rather dismissive of discussions about the transformation of the EFSF into a two-trillion-euro-heavy leveraged bailout vehicle. German finance minister, Schauble, has been notably critical and Bundesbank president, Jens Weidmann, has also indicated that the ECB would not play a role, a stance that reportedly has the full […]
Governor Bollard ‘comfortable’ with current level of NZ interest rates
Reserve Bank of New Zealand (RBNZ) Governor Alan Bollard gave an extended radio interview this morning following his recent attendance at the IMF, World Bank and G20 meetings in Washington. The general tone of the interview was very much in line with the recent RBNZ September MPS and our view that the RBNZ will follow […]
UniCredit EEMEA Daily
News HU: Neutral – August Unemployment comes in unchanged at 10.8% (p2) RU: Negative – FX reserves fell USD6bn last week, we reckon roughly half was due to interventions (p1) SI: Negative – Fitch downgrades credit rating to AA- with negative outlook (p2)
RMB options today
Lots of market activity today despite the HK typhoon NDFs in CNY are higher, CNH spot is +150 pts from yesterdays close in Asia CNY 1mth paid up to 3.4 from 2.9 yesterday 3mth 25d RR trading at 1.5 for cny puts
*BERNANKE SAYS MONETARY POLICY “IS NOT A PANACEA”
*BERNANKE SAYS MONETARY POLICY “IS NOT A PANACEA” *BERNANKE SAYS CURRENT UNEMPLOYMENT PROBLEM UNPRECEDENTED *BERNANKE SAYS UNEMPLOYMENT IN U.S. IS A “NATIONAL CRISIS”
FX DAILY STRATEGIST: Europe – 28 September 2011
Risk rally built on shaky grounds; we remain cautious Yesterday’s rally is perhaps best characterised as a combination of positioning and a small dose of glass-half-full optimism. Certainly there was some good news: the passage of the Greek property tax; and of the EFSF reform bills by Austria and Slovenia; Finland is expected to follow […]
UniCredit EEMEA Daily
News BG: Neutral – GED down 0.4% mom in July, MinFin sells EUR 35mn of 5Y bonds (p2) KZ: Mixed – M3 shrinks 2.3% mom in August (-2.1% momsa) (p2)
Emerging Markets Cross Assets: Shooting at moving targets
With recent volatility recalling memories of autumn 2008, the way forward is very unlikely to be either straightforward or smooth. However, while the present investment environment is difficult it offers potentially large gains.