Forex News
UniCredit EEMEA Daily
News CZ: Neutral – 2Q GDP growth slows to 2.4% yoy / Dovish – CNB Vice-Governor Hampl said that he found no reason to tighten monetary policy at the moment (p2) HU: Negative – Economy stagnates in 2Q qoq (p2) RO: Negative – 2Q GDP comes in at 1.4%% yoy / Negative – MinFin sells […]
CHF not a lot in the press release..SNB ..liq only
Swiss National Bank intensifies measures against strong Swiss franc The measures taken thus far by the Swiss National Bank (SNB) against the strength of the Swiss franc are having an impact. Nevertheless, the Swiss franc remains massively overvalued.
UK Employment / BoE minutes preview
Tomorrow AM the UK releases the minutes of this month’s MPC meeting as well as this month’s employment data see our econ group’s preview below UK BoE minutes (3-4 Aug meeting) 09:30 BST / 04:30 EST The projections in August’s Inflation Report struck a distinctly dovish tone, with inflation on a two-year horizon seen as […]
Preview: MPC minutes unlikely to have a large impact on GBP
The minutes from the August meeting are released today at 9:30. What is likely to matter for GBP is the extent to which the policy rate vote and content of the discussion reflects the more dovish Inflation Report. We expect no new information to be forthcoming in the minutes, with no change in the policy […]
Swiss Timing – today or over the week-end? + Asia x asset
Sarkozy/Merkel came up with little new. SNB could disappoint today but not this week end. The move by the biggest Swiss retailer to force a pass-through of the high CHF seals its fate + Cross Asset piece on Asia. We have all known for a long time that it is very hard to teach an […]
What matters today (Asia edition)
Developed macro 1. Upbeat sentiment dissipated: The Sarkozy-Merkel meeting generally fell short of market expectations. 2. Eurozone July HICP inflation to be confirmed at 2.5% YoY on lower core inflation. 3. BoE minutes under scrutiny following the uptick in July CPI inflation. We expect unanimity votes in favour of the rates status quo. 4. US […]
JPY: Mr. and Mrs. Watanabe likely to come back into contrarian play once the risk sentiment improves
The latest positioning data published last Friday confirm that Japanese investors sold JPY into strength, especially against USD and EUR, in July (Figure 1). In particular, they accumulated net long USD/JPY position of JPY 1.6trn as of the end of July, which is the largest since November 2008 – the beginning of database (Figure 2).
E-bonds back on agenda, Italian austerity
Discussing the longer-term solution to the Eurozone crisis Both short- and long-term solutions to the crisis will provide focal points for the market over the next 24 hours. Today the ECB will release last week’s settled purchases (15:30CET) of bonds via the SMP (Securities Market Program), which began 8 August, with expectations centred on EUR15bn […]
Back to 1978 for the CHF?
There was more talk of the potential CHF peg over the weekend with local press (SonnatsZeitung) reporting ‘intense’ talks and a possible announcement later this week. The newspaper mentioned 17 August as the day where an ‘appropriate plan’ could be announced. Over the past week we have outlined the various flaws of introducing a peg […]
FX DAILY STRATEGIST: Asia – 15 August 2011
CHF and JPY to stay in the spotlight, both at risk of renewed strength. EURUSD more prone to fall than rally barring sharp improvement in global risk appetite. We favour short EURJPY and short EURAUD here.
Russia: Government approves 2012-14 borrowing plan
Yesterday, the Russian government approved the key budget parameters and its borrowing plan for the next three years. The average Urals oil price in 2012-2014 is expected at USD93 per bbl, USD95 and USD97, respectively, with the budget deficit reaching 2.7% of GDP in 2012 and 2013, and 2.3% in 2014. This corresponds to an […]
UniCredit EEMEA Daily – August 12
News CZ: Positive – June C/A posts a CZK 9.3bn deficit, 86% financed with FDI (p2) HU: Positive – July CPI slows down to 3.1% yoy (-0.3% mom) (p2) PL: Negative – June C/A deficit comes in higher than market expectations at EUR 1,596mn (p2)