Forex News
Macrobullets – Wednesday – July 20
TOP US: An ambitious new plan, unveiled by a group of senators known as the “Gang of Six” (3 Republican and 3 Democrat senators), offers a ray of hope in an increasingly grim standoff that has threatened the US’ top-notch credit rating. It would cut the deficit by $3.75tn over a decade. {http://bit.ly/pboITt} Moody’s has […]
Cascade effects of a US sovereign rating change
Financial markets were jolted briefly today when Moody’s Investors Service announced that it was putting the Aaa credit rating of five states on review. Though some market participants were taken off guard, Moody’s had already issued a comment back in June warning that any change to the US sovereign rating would necessarily have negative implications […]
FX DAILY STRATEGIST: Asia – 20 July 2011
President Obama throws his support behind “Gang of Six” plan, providing comfort to the markets BoC significantly changes its tone, turning hawkish Expectations of dovish BoE minutes should pull GBP lower
BoE Minutes today: 1-6-2 still?
The BoE minutes are due out this morning see the preview from our econ group below UK BoE minutes (6-7 Jul meeting) – 09:30 BST / 04:30 EST The minutes of June’s MPC meeting showed a division of opinion emerging within the ‘no-change’ group, with some policymakers apparently leaning towards a further round of quantitative […]
CNY Much lower USDCNY fix today fix…6.4592 (92 pips lower)
CNY NDF USD/CNY fixing came out much lower than expected today to a new record low. Since overall positions are rather light, we saw leverage guys came back selling across the curve. Real money accounts were still rolling their short positions in the 3mth tenor.
European FX Daily – Asian equities rallied but FX traded sideways
– Majors in tight ranges, Asian equities up 0.4-1.4% – BoE minutes likely to be dovish and weigh on GBP What to watch for today GBP: Unchanged voting pattern but a more dovish message. We expect the minutes of the BoE’s July meeting to show an unchanged voting pattern, with Dale and Weale voting for […]
UniCredit EEMEA Daily
News PL: Mixed – June wage growth accelerates to 5.8% yoy from 4.1% yoy in May (p2) KZ: Positive – The state budget deficit narrows to 0.9% of GDP in 1H2011 from 1.6% of GDP the year before (p2)
What matters today (Asia edition) – July 19
Developed macro 1. Risk firmly off as eurozone debt crisis escalates and failure to raise US debt ceiling. 2. The ECB did not settle any bond purchases last week. 3. The German ZEW could fall sharply on sovereign woes.
Macrobullets – Monday – July 18
TOP FT: Plan D stands for Default … and the death of the euro {http://on.ft.com/rptYNq} Angela Merkel, the German chancellor, has warned that she will only attend an emergency summit on the eurozone financial crisis {http://on.ft.com/rtOooC} in Brussels on Thursday if there is going to be an agreement on a new rescue plan for Greece. […]
HK FX session wrap, USD/Asia run
As FX markets opened overnight USDCHF and EURCHF dived to trigger stops to the downside in thin liquidity to 0.8034 and 1.1365 respectively before recovering into the main Asian session.
FT – ECB and Merkel clash over Greece
The head of the European Central Bank placed a major obstacle on the path to a new agreement on a Greek financial bail-out, saying the bank could not accept defaulted bonds as collateral, potentially cutting off fundng from the Greek banking system.
HSBC Macrobullets – Friday – July 15
TOP: The results of the stress tests – due at 5pm UK time – are expected to see about 10 of the 91 banks tested fall short of having the required 5 per cent core tier one capital, including a clutch of four smaller Spanish savings banks and as many as three Greek banks {http://on.ft.com/qen3hU} […]