Forex News
UniCredit EEMEA Daily – take profit on half of our RUB payer
News RO: Neg – MinFin rejects all bids at a RON400mn auction of 6M T-Bills (p2) RU: Negative – FinMin Kudrin resigns amid clash with Medvedev (p1) TK: Positive – September real sector confidence index records a strong 2.4% mom increase (p2)
EEMEA morning thoughts, 27 September 2011
Russia’s political reshuffling: Finance Minister Kudrin dismissed. The situation with Finance Minister Kudrin expressing intention to leave his position after the March 2012 presidential elections under a (future) PM Medvedev has developed quickly. Yesterday President Medvedev demanded that Mr Kudrin resigns or reconsiders his position.
European FX Daily – Risk sentiment stabilised on more constructive news from Europe
– Asian FX and equities rally, AUD outperforming amongst G10 – Slovenia likely to ratify EFSF amendments – US Consumer confidence and Richmond Fed in focus
German IFO fell to 107.5 in September from 108.7 a month ago
In September, the German IFO business index fell to 107.5 (a 15-month low) from 108.7 reported for August, with the decline having been less pronounced than was widely feared (market estimate: 106.5, BarCap: 108.5).
What matters today (Asia edition)
Developed macro 1. Risk appetite stabilised somewhat amid speculation about policy measures to contain the eurozone crisis 2. ECB speakers continue to hint at policy accommodation in October, at least on the liquidity front, while the case for a rate cut has strengthened. 3. Eurozone M3 annual growth to remain weak in August.
FX DAILY STRATEGIST: US – 26 Sept 2011
Sentiment extremely mixed in Europe : Risk sentiment has been erratic with a risk-off mood in equity markets in Asia given way to a risk-on tone in Europe. While there was little concrete from the weekend G20/IMF meetings, equities are rallying (led by the financials) in response to a UK Telegraph report of a comprehensive […]
European FX Daily – Risk sell-off resumes on lack of solutions for Europe
– NZD and KRW lead sell-off vs. USD, Asian equities down 0.9-5.1% – German Ifo likely to weigh on the EUR – European policy in focus this week – USD growth data likely to be soft while inflation likely firmer
Russia: Still Putin’s domain
The ruling United Russia’s congress, held in Moscow on 23-24 September, has underscored Vladimir Putin’s domination of Russia’s domestic politics. The incumbent president, Dmitry Medvedev, surprisingly nominated Putin as the party’s candidate in the presidential elections next March, renouncing early a bid for a second consecutive term.
Sunday Times: €3 trillion deal to ‘save euro’
G20 finance chiefs meeting in Washington have started to draw up a three-pronged plan to save Greece and the eurozone from collapse The world’s leading economies last night began work on a multi-trillion-euro package to save the eurozone. G20 finance chiefs meeting in Washington started to draw up a bold plan to expand the European […]
UK Independent: Meltdown fears for euro as G20 makes plans for Athens to default on debt
Meltdown fears for euro as G20 makes plans for Athens to default on debt Finance Minister signals Greece may opt for 50 per cent writedown on bonds as top economist warns Spain and Italy could be forced out of single currency The world’s leading economic powers are moving towards an acceptance that Greece will default […]
HSBC – Top Research from the weekend
Please find below a few key pieces of research over the weekend: 1) EFSF Vote in German Parliament {http://bit.ly/qiLuz7} 2) EZ Sovereign Debt Crisis – Who, What, Where and When {http://bit.ly/rsunKS} 3) Asian FX: CNH unsettled by contagion {http://bit.ly/pDjPSY} 4) HSBC Essentials {http://bit.ly/qDLhNI} 5) HSBC forecast changes {http://bit.ly/n5OPxo}
The European crisis continues to hit the euro and higher-beta currencies hard
The FT’s Alan beattie and Tom Braithwaite summed up where the weekend ended for the euro-crisis rather well ‘The International Monetary Fund annual meetings wrapped up in Washington on Sunday with widespread concern over the eurozone sovereign debt crisis but no immediate consensus on the solution.