Forex News
UniCredit EEMEA Daily – July 13
News BG: Neutral – June CPI comes in at -0.9% mom (p2) CZ: Positive – June CPI drops to 1.8% yoy vs 2.1% yoy market cons HU: Positive – June CPI drops to 3.5% yoy form 3.9% yoy
AUD Consumer Sentiment down sharply
*WESTPAC SEES NO CHANGE IN RBA RATES FOR REST OF THIS YEAR WESTPAC SAYS `EASING BIAS’ IS RBA’S MOST APPROPRIATE POLICY
Macrobullets – Wednesday July 13
TOP Moody’s cut Ireland’s credit rating to junk, warning that the debt-laden country would likely need a second bailout {http://reut.rs/pNMabr} Greece may buy back debt at an average price of about 50 percent of bonds’ nominal value, Financial Times Deutschland reported, citing a concept discussedby euro-zone governments.
Australia: Population unlocks house prices
Based on population dynamics, the risk of an imminent day of reckoning for Australian house prices appears low in our opinion. Indeed, based on population projections and real GDP growth forecasts, Australian house prices are likely to deliver a moderate rate of appreciation once the current modest overvaluation has been worked through. Supporting this thesis, […]
HSBC FX Strategy and Economics Comments on China data
BOTTOM LINE: EXPECT TWO MORE RRR HIKES BY END Q3 AND STAY SHORT USDCNH. DONNA KWOK : China’s GDP was a touch higher than what markets expected at 9.6%yoy, but it decelerated nonetheless versus 1Q’s 9.7%yoy. The fact that sequential growth momentum held steady (GDP rose 2.2% on the quarter, seasonally adjusted) means that China […]
OVN FX Wrap
Lots of bits and pieces to digest, but unsurprisingly a quieter session than the start of the week with an underlying positive sentiment led by the recovery in stocks and higher Chinese GDP data.
Daily Forex Outlook: Swift response to renewed EU debt woes
EURUSD (1.3955) Investor concerns about peripheral EU debt took a sharp turn for the worse yesterday. Since the weekend, Italy has leapfrogged Greece, Spain and the others to occupy the centre stage.
UniCredit EEMEA Daily – July 12
News ES: Positive -International trade posts strong growth in May (p2) KZ: Positive – According to PM K. Masimov, Kazakhstan’s economy grew 7.1% yoy in 1H11 (p2) RO: Positive – May external trade data show both exports and imports accelerating to 32% YTD and 23.2% YTD respectively (p2)
Macrobullets – Tuesday July 12
TOP Euro zone FinMins promised cheaper loans, longer maturities and a more flexible rescue fund to help Greece and other EU debtors in a bid to stop financial contagion engulfing Italy and Spain {http://bit.ly/pjRYNn}. Full 1 page statement here: {http://bit.ly/oASyeu} The euro fell to a four-month low of 1.3933 after new IMF MD Christine Lagarde […]
Behavioral Finance: Daily Forex Outlook : Markets appreciate ECB pro-activity
EUR USD (1.4350) Jean-Claude Trichet added his weight to the recent EU criticism of the major rating agencies. He also made another step towards making them redundant – at least as far as the EU sovereign debt crisis is concerned – by scrapping the minimum credit rating requirement for Portuguese government bonds.
UniCredit EEMEA Daily
CZ: Neutral – May foreign trade surplus rises to CZK 14.4bn (p2) RO: Neutral – Govt sells RON0.7bn 3Y ROMGB: yield – 7.09%, bid-to-cover – 2.6 (p2) SRB: Neutral – MPC cuts interest rates 25bp to 11.75% (p2)
Australia and New Zealand Weekly: Australian banks – Safe as houses?
Central Bank Watch: RBA takes a step to the dovish side The RBA’s July meeting statement offered very little new information. That said, the new information provided all seemed to be on the dovish side.