Forex News
UniCredit EEMEA Daily
News BG: Mixed – C/A balance in April reaches 0.6% of GDP (p2) HU: Dovish -May CPI surprises on the downside at 3.9% yoy from 4.7%yoy (p2) PL: Hawkish – May CPI accelerates to 5.0%yoy from 4.5%yoy (p2) TK: Negative – May budget surplus declines by 51%yoy (p2)
European FX Daily – EUR stress rises
– Majors in tight ranges, Asian equities down 0.5-1.5% – We expect SNB to keep rates unchanged and maintain dovish tone – US Philadelphia Fed survey to provide directions for US growth
UK retail sales preview
UK retail sales are out today 930 AM UK time We expect – 0.9% mom after the strong April number. see our econ group’s preview below
SNB meet 930am – unch exp
Switzerland SNB rate announcement – 09:30 BST The SNB is expected to keep the CHF 3-month Libor on hold at 0.25%, in a range of 0% to 0.75%.
European Sunrise – (Global) risk off!
Global risk off mood has taken hold again with US macro fears joining the Greek bailout II drama. Concerns about the handling of private sector involvement and the timing have intensified. Political instability in Greece adds to the unease.
What matters today (Asia edition)
Developed macro 1. Market sentiment deteriorated overnight amid worries over Eurozone peripheral debt and soft US data 2. US: May housing starts to rebound 3. US: Philly Fed to rebound, but the outlook is uncertain
UniCredit EEMEA Daily
News BG: Neutral – May CPI readings come in flat mom (p2) CZ: Neutral – April C/A posts CZK 6.7bn deficit (p2) KZ: Positive – May constant price Retail trade turnover accelerates to 11.3% yoy (p2)
Greece delay, Portugal T.Bills + reserachers thots on
Europe remains split on ‘voluntary’ nature of restructuring A few more weeks of uncertainty over Greece is something the bond markets could do without but this is now likely according to the comments of Luxembourg’s Finance Minister Frieden.
Daily Currency Briefing: Threat of a default is putting pressure on the euro
G10 Currencies EUR: It is obvious that they are trying hard, but so far the results are disappointing. Even though the Finance Ministers of the Eurogroup met yesterday there was no joint declaration. They all want to save Greece, just how.
Global Macro Daily (London Open)
Uncertainty surrounding US and Chinese economic prospects has dominated markets recently. Macroeconomic linkages have had strong implications for currencies such as the AUD and the CAD. As fears of a US slowdown recede and the policy-driven soft landing continues in China, we see opportunities in FX (see Focus below).
FX DAILY STRATEGIST: US – 14 June 2011
Still strong Chinese activity data eases fears of sharp slowdown just as a RRR hike reduces fear of a more serious monetary tightening which would hurt AUD shorts. Europe headed towards deal with most closer to being on same page but beware disappointment: play EURUSD via options and look to leg into AUDCHF longs Still […]