Forex News
FX DAILY STRATEGIST: Europe – 12 September 2011
EUR continues to slide – volatility risks slipping over into real economy: Concerns over progress on the Greek bailout and the sudden resignation of Juergen Stark from the ECB Governing Board has seen risk pummelled. The DJIA fell more than 300 points and the flight into safe haven assets kept USD and USTs well bid. […]
European FX Daily – EUR sell off continues
– AUD and KRW lead sell-off vs USD, Asian equities down 1.2%-3.3%. – US data this week likely point to slow growth but no support yet for QE3 – Italian and Spanish bond auction in focus – Credit Suisse conference call today: The Future of the Euro
UniCredit EEMEA Daily
News BG: Mixed – Activity indicators show diverging results in July (p2) CZ: Neutral – 2Q GDP (final) comes in at 0.1% qoq, 2.2% yoy (p2) HU: Positive – AKK sells HUF54bn HGBs at auctions vs. HUF45bn original offer, demand strong for the shorter papers (p2) RO: Positive – July industrial production increases 1.7% yoy […]
European FX Daily – Markets quiet ahead of weekend G7 summit
– NZD leads modest rally vs USD, Asian equities mixed – Bernanke kept to Jackson Hole speech – Obama announced a bigger than expected $447bn jobs stimulus plan – Greece to announce participation rate for the debt exchange – G7 finance ministers meet for two-day summit – Conference Calls: Crunch Time – Outlook for the […]
HSBC: Bernanke presents the case for policy action
In a speech about the US Economic Outlook, Fed Chairman Ben Bernanke offered a litany of reasons why the FOMC will consider easing monetary policy further when it meets later this month on 21 September. He noted that there are “persistent” factors holding back the economic recovery that are not likely to fade soon.
Obama Unveils $447 Billion Jobs Plan
Sept. 8 (Washington Post) — The Obama administration has developed a $447 billion jobs plan that aims to put millions of unemployed Americans back to work through a mix of tax cuts and investments in modernizing schools and roads.
EUR thoughts
STUART SCOTT: EURO Thoughts – Daily close below trend support at 1.3982 and/or 200 dma at 1.4025 the key points to look for now as this move matures/consolidates … I remain bearish with a short term target at 1.3920 and medium term target of 1.35 HSBC Global Research
EUR and the ECB
The ECB’s Trichet signalled a clear change in tone at Thursday’s press conference, not only removing the reference to upside risks to inflation, but also highlighting that downside risks to growth had intensified. Indeed, Trichet even re-emphasised in the Q&A session the significance of these changes, saying that the balance of risks have changed.
ECB today: Fwd trader comment this am
Dovish Trichet to be expected. Signals pause to tightening policy Potential cut in deposit rate! Lower staff forecasts – growth and inflation No change to liquidity provision – ample liquidity provided until Jan’12
UniCredit EEMEA Daily
News CZ: Negative – MinFin places CZK 6.3bn in CZGB 5.7/24: yield 3.193%, bid/cover 1.1 (p2) HU: Positive – July IP accelerates to 2.7% yoy (p2) PL: Neutral – MPC keeps policy rate unchanged at 4.50% (p2)
CNY WATCHERS
Couple of interesting notes on China overnight… USD/ASIA is a fair bit higher after poor AUD jobs data hurt risk, USDCNY unch tho The 1st story below getting a lot of attention..
Fed Prepares to Act
Federal Reserve officials are considering three unconventional steps to revive the economic recovery and seem increasingly inclined to take at least one as they prepare to meet this month.