Forex News
TRY watchers
The Turkish central will announce its monetary policy decision at 12:00 GMT. The consensus is for no change in rates. After the strong GDP, the better-than-expected IP and the higher-than-expected inflation, there are good reasons for the CBRT to stay put, particularly after the 50bp cut in August.
UniCredit EEMEA Daily
News HR: Negative – HNB purchased EUR 180.5mn at 7.50 removing HRK1.35bn in liquidity from the market yesterday (p2) PL: Mixed – August Industrial production accelerates to 8.1% yoy vs. 2.7%yoy consensus while inflationary pressures in the industrial sector increased, August PPI inflation rose to 6.6% (p2) RO: Neutral – MinFin sold RON 0.66bn 9M […]
STICK OR TWIST? – WILL BEN GO FOR ‘OP TWIST’??
Our US Econ, Kevin Logan, expects the Fed to announce another unconventional policy move in its attempts to try and boost investor confidence. (Note that whilst the Fed meeting will start today, the decision or statement will not be released until tomorrow).
Australia: RBA board minutes – ‘Market pricing might not be giving an accurate reading of expectations’
The Reserve Bank of Australia(RBA) decided to leave the cash rate at 4.75% following the September board meeting. International Financial Markets:”Members began their discussion by observing the extreme volatility in financial markets over the past month, which reflected fears about a slowdown in the global economy and escalation of sovereign debt tensions in the United […]
S&P cuts Italy ratings one notch, outlook -ve
06:20 20Sep11 RTRS-S&P LOWERS UNSOLICITED RTGS ON ITALY; OUTLOOK NEG 06:21 20Sep11 RTRS-RPT- S&P LOWERS UNSOLICITED RTGS ON ITALY; OUTLOOK NEG 06:22 20Sep11 RTRS-S&P LOWERED ITS UNSOLICITED LONG- AND SHORT-TERM SOVEREIGN CREDIT RATINGS ON THE REPUBLIC OF ITALY TO ‘A/A-1’ FROM ‘A+/A-1+’. THE OUTLOOK IS NEGATIVE
A case for BOJ Intervention before month end – Have to think
A case for BOJ Intervention before month end – Have to think with talk of Japan lifer talk today 1) bid in EURJPY at 103.50 and 2) bid in AUDJPY at 77.50 and 3) covering longer dated options at expensive vol – these guys think there will be intervention before month end.
Russia: More signs of Q3 growth pick-up in August
The last set of August indicators published by Rosstat today provides more support to our expectation that Russia’s GDP growth will pick up after an uninspiring 3.4% y/y in Q2. Earlier signs of this came from improving IP performance (6.2% y/y versus 5.2% in July).
What matters today (Asia edition)
Developed macro 1. Risk aversion remains highly elevated, with little prospect of a drop any time soon as Italy’s downgrade adds to Europe’s woes 2. Greece to hold another conference call with the Troika today after a “constructive” discussion yesterday evening, but no official statement yet. 3. The German ZEW should fall, but perhaps not […]
ECB poised to act to reassure markets
Eurozone bank sector tensions are being watched closely by the European Central Bank, which has a range of policy weapons it could deploy swiftly to reassure nervous financial markets.
New week, same story as policy-makers leave markets without leadership
Europe’s Finance Ministers appear to have achieved no more than the G7 leaders did a week earlier. E-bonds will continue to be pushed by some, wanted by others, resited by Germany. Suggestions to allow leveraging the EFSF to give it ore power have also been rebuffed.
FX DAILY STRATEGIST: Asia – 19 September 2011
Mildly risk-positive Friday, but NZD, CAD and AUD lead the way, not EUR The dip in EURUSD in Friday’s Asia session, from 1.39+ on Thursday to sub-1.38 triggered our Long EURUSD trade recommendation, the pair subsequently oscillating quite narrowly around that level though the remainder of Friday.
Greece news headlines
********** Greece ********** Greece’s Prime Minister Cancels US Trip, Says Second Rescue Package Is At Stake. Papandreou, who had left for London en route to New York, then returned to Greece on Saturday night. Venizelos Says Greece Needs to Show Determination to Partners. SAYS PRIMARY SURPLUS WILL SHIELD COUNTRY, MUST PRODUCE PRIMARY SURPLUS AS SOON […]