Forex News
AUSTRALIAN EMPLOYMENT FELL 9,700 IN AUGUST
AUSTRALIAN EMPLOYMENT FELL 9,700 IN AUG. employment rate 5.1 to 5.3 and full time
FX DAILY STRATEGIST: Asia – 08 September 2011
Resumption of Wednesday’s risk rally could provide support for EURUSD despite EUR risks The world looked like a much better place on Wednesday as risk rallied keeping high beta currencies like SEK, AUD, and NZD well in demand. AUD could receive further support this morning from an improvement in the employment numbers especially after the […]
UK GDP
UK NIESR estimate UK economy grew 0.2% 3mth up to Aug. (vs 0.6 in July) They say BoE will expand bond program if weakness persists (which it is in their mind) These guys been pretty good at predicting GDP numbers.
SELL PLN? WE FEEL THAT’S THE WAY FWD
The recent turmoil in the financial markets has confirmed EMEA FX remains the weakest link in the EM space. In CEE, we see that the Polish zloty is one of the most sensitive currencies to global market headwinds. Valuation metrics suggests that the PLN is too strong and the structure of the balance of payments […]
HSBC: ISM service-sector index edges up
The ISM non-manufacturing index edged up to 53.3 (consensus 51.0) in August, up from 52.7 in July. The key metrics of the report were close to unchanged and show modest growth in new orders, business activity, and employment. Two of the indexes that showed the strongest gains were export orders and imports, rising 7.5pts and […]
The Rising Sun – 6 Sept 2011 – RBA on hold & China growth may fall below 9%
As it happened The Asian morning en bref: The day opened in Asia with S&P futures down more than 2%, the local bourses all deep in the red, and EUR moved from 1.4100 levels down to 1.4039. Two headlines hit the wires: First, an article in the AFR suggested that the rating of local Australian […]
UniCredit EEMEA Daily
News RO: Positive – MinFin sells RON 1bn 1y t-bill at 6.73% vs. 6.64% last time (p1) TK: Negative – August CPI comes in way above consensus at 6.7% yoy, core accelerates to 6.2% yoy from 5.4% yoy (p2) RU: Dovish – Aug CPI declines 0.2% mom slightly below cons (p1)
Some reading for you on Labour Day
FT; The worst of the euro crisis is yet to come http://www.ft.com/cms/s/0/4cd8efda-d4cc-11e0-a7ac-00144feab49a.html#axzz1X0qxVdO4 ..FT: Greece defends progress on reform ….Greece’s finance minister has staunchly defended his handling of the country’s relations with international lenders, accusing his critics of promoting “a mood of uncertainty and scaremongering” http://www.ft.com/cms/s/0/35672b54-d6f3-11e0-bc73-00144feabdc0.html#axzz1X0qxVdO4
Societe Generale FX Daily
The US has a day off work – though a lack of employment is in fact, the biggest problem facing the world’s dominant economy. The EUR/USD 1.42 barrier was taken out early in the Asian session. This DNT structure had helped to keep EUR/USD in a range even as ECB rate cuts were being priced […]
Macrobullets – Monday 5th September
TOP Chancellor Angela Merkel’s centre-right bloc suffered another stinging defeat on Sunday in a regional election in Germany’s poorest state, Mecklenburg-Vorpommern, with both her conservatives and their Free Democrat allies losing support {http://reut.rs/oqyYyt} HSBC China services PMI hit historical low of 50.6 in Aug {http://bloom.bg/rnOzRs}
S&P Says Joint Euro Bond Would Get Rating of ‘Weakest Link’
It is going to be a tough week for the EUR. Trichet is expected to be softer in his tone and the EUR will stay under pressure into the ECB. If he is not dovish, EUR will be still under downward pressure, as the market will increasingly discuss the erosion of ECB credibility.
SNB Should Set Rate Target, Economiesuisse Tells SonntagsZeitung
The latest buzz coming out from the Sunday newspapers in Switzerland is that the main business lobby group is pushing the SNB to adopt an initial EUR-CHF target range of 1.10 to 1.15. Then the exchange rate target should be brought near 1.20.