Forex News
FX DAILY STRATEGIST: US – 08 August 2011
After S&P US Downgrade, ECB response narrows Italian-German bond spread significantly. Markets will test ECB’s commitment. FOMC statement, China data, are other main event risks. Latter could grant a reprieve from further AUD sell-off.
Behavioral Finance: Daily Forex Outlook: This is no panic
EUR/USD (1.4325) S&P downgraded the US credit rating one notch late on Friday, launching a financial press frenzy about an inevitable market crash on Monday. US Treasury Secretary Timothy Geithner said that S&P showed terrible judgement and has handled themselves very poorly.
FX DAILY STRATEGIST: Europe – 08 August 2011
After S&P US Downgrade, ECB response in focus and could help EURUSD up to 1.4500. See Market Focus on p.3 for our take on S&P’s action. FOMC statement, China data, are other main event risks. Latter could grant a reprieve from further AUD sell-off. After S&P downgraded the US over the weekend, financial markets have […]
What matters today (Asia edition)
Developed macro 1. Market is likely to start with ‘risk-off mode’ following the downgrade of S&P 2. The ECB hints that it is ready to buy more bonds in markets 3. The G7 agreed to take actions to stabilize markets and inject liquidity if needed 4. Japan’s current account surplus widened in June.
HSBC FI – ECB intervention, reflecting on US
Spain and Italy take new measures, ECB to intervene In a statement released on Sunday the ECB signalled that it is ready to buy Italian and Spanish government bonds after the announcements made by both countries on fiscal and economic reforms. The Central Bank stressed that it ‘will actively implement its Securities Markets Programme’ and […]
European FX Daily – ECB signals it will buy Italian and Spanish bonds
– Asian markets fell 2.0%-6% – G7 pledged to support financial stability possibly with coordinated action – ECB signals it will buy Italian and Spanish bonds – FOMC to announce further policy measures on Tuesday
ECB Statement
7 August 2011 – Statement by the President of the ECB 1. The Governing Council of the European Central Bank (ECB) welcomes the announcements made by the governments of Italy and Spain concerning new measures and reforms in the areas of fiscal and structural policies. The Governing Council considers a decisive and swift implementation by […]
FX wrap from HK
The weekend S&P downgrade of the US saw FX markets open with the USD weaker across the board from Friday’s closing levels. EURUSD opened around 80pts higher, with EURCHF and USDCHF off almost 2 figures and USDJPY off around 130pts. The JPY and CHF pairs opened near their lows and never really looked in danger […]
UniCredit EEMEA Daily – August 8
News CZ: Neutral – CNB keeps monetary policy unchanged, indicates a delay in the first hike by a quarter / Negative – June retail sales including the auto segment dropped 3.5% yoy (p2) KZ: Positive – Major government owned oil company completed the syndication of a USD1bn term loan facility (p2) RO: Negative – MinFin […]
US EMPLOYMENT IMPROVES???
In many ways the July employment was a mirror image of the June report, with modest upside surprises in all of the main components. Nonfarm payrolls rose 117k (consensus +85k), private payrolls rose 154k (consensus +113k), and the unemployment rate fell to 9.1% (consensus 9.2%). However, the lower unemployment rate reflected yet another decline in […]
Australia: RBA Statement on Monetary Policy: Aug 2011
Today the Reserve Bank of Australia (RBA) released its quarterly Statement on Monetary Policy (SoMP). The release provides an update on the RBA’s thoughts on the Australian economic outlook, including forecasts out to Dec-2013. The previous statement was released on 5 May.
NFP
ROBERT LYNCH : US nonfarm payrolls rise 117K in July, better than the median forecast and following upward revisions 56K in upward revisions to the previous two months.