Archive for Forex News
[CANADIAN BUDGET BALANCE]
Posted by: | Comments[CANADIAN BUDGET BALANCE] The finance department reports that the
budget was in deficit in September by C$ 3.92 bln, down from C$ 4.97 bln a
year ago. Revenues were up 13.1% y/y, while outlays were up 3.1%. The
fiscal-year-to-date balance is a deficit of C$ 17.44 bln vs a deficit of
C$ 28.64 bln a year ago. The finance department reports that about C$ 9 bln
of the year-to-date deficit is the result of stimulus efforts, which
implies that the deficit on the rest of the budget (ignoring dynamic
effects) is roughly C$ 8.4 bln. The government anticipates a C$ 55.6 bln
full-year deficit
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German Fin Min spokesman
Posted by: | CommentsGerman Fin Min spokesman [SEIBERT] is the latest in an increasingly
long line of officials to say nobody is being forced to seek aid, and
referring to Portugal in particular the German Govt expects fiscal
consolidation to be successful. Turning to Ireland, the spokesman cannot
say when the EU-IMF rescue deal will be finalised, while
increasing/doubling EFSF funds has been ruled out. Elsewhere, although
Irish banks 'passed' the Jul EU stress tests the fact they now require a
bail-out has naturally sparked more scepticism about their reliability
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[Asian Close] The Aussie
Posted by: | Comments[Asian Close] The Aussie was the clear underperformer this session
on the back of a dovish testimony by RBA Gov Stevens signalling that rates
will be on hold for some time and that the market should not expect an
imminent rate hike as the Aud/Usd fell to a low of 0.9705
See page
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[USD/CHF] started the Asi
Posted by: | Comments[USD/CHF] started the Asian session at the day's low of 0.9944 as
market players locked in some profits after the recent run up in the
Greenback. However, concerns on the Eurozone sovereign debt woes mounted
despite ireland unveiling an ambitious austerity plan as market players
now turn their sights towards Portugal and Spain. That weighed on the
Eur/Usd which fell below the 1.3300 handle giving a prop to the USD/CHF
which rose above parity to an o/n high of 1.0021. A slight recovery in the
Eur/Usd gave the CHF a slight prop as the pair retreated back a tad to
open this morning around parity ahead of the Swiss KOF leading indicator
index. With markets likely to be quiet ahead of the weekend, buying orders
at 0.9950 by a German name will protect the downside and selling orders at
1.0050 by a French name will keep the range
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[ECB'S WELLINK] has
Posted by: | Comments[ECB'S WELLINK] has been speaking on the Dutch central bank website
about separating banks into a utility & and a merchant bank. He says that
financial institutions need rest period to recover (after recent financial
crises presumably) as a break up may pressure their financial health. He
added, there should not be any forced break up of these institutions as
splitting them up creates uncertainty which hampers their recovery
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The [ECB'S WEBER] is
Posted by: | CommentsThe [ECB'S WEBER] is adding his commentary to the run of officials
who have been trying to boost confidence in the [EUR] this week,
suggesting that it is one of the most stable currencies in the world, and
that it is just as stable as the Deutschmark (ever was). He suggests that
the Eur should be viewed as long-term project, and urges Europe and the
rest of the globe to work together. He does not see any alternative to
the Eur, and repeats that the Euro is not in danger. [EUR/USD] is barely
moved on the well worm rhetoric, stable around 1.3350 for now
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[USD/JPY] hits a new day&
Posted by: | Comments[USD/JPY] hits a new day's best of 83.70 amid model, fund and Swiss
bank demand. The Dollar remains unit of choice through the Koreas and
peripherals crisis, but we may still struggle to break above near-term
pivots of 83.85 (seven week range high) and 84.00 (barrier) in an overall
fairly steady broader market. Note the US 10-year has leaped in the last
24 hours or so to a more supportive 2.91% last vs 2.79% at Wed's European
open. Note the US Treasury's Usd 29bln sale of 7-year notes action was
similar to Tue's relatively disappointing 5-year result, i.e. a B/C of
2.63 vs 3.04 last and 2.95 ave. Indirect bidders took up 42.2% of the
issue vs 50.2% in Oct and an average of 50.05 at the prior four 7-year
sales
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[STG/YEN] stays at the 13
Posted by: | Comments[STG/YEN] stays at the 131's after dropping to the sub 131 territory
briefly in Ldn morning time yesterday. The rebound was due to overall Yen
crosses' rally on resumed risk-on trade, and not on UK's Q3 revised GDP
that came at +0.8% qoq or +2.8% y/y as expected. Eur/Stg's fall through
the 0.8450 base on massive stop sales there took place around the timing
of Stg/Yen's decline, so the Stg flows were actually mixed in very good 2
way businesses. Sovereign demand of the Eur/Stg later for the purpose of
UK's loan to Ireland was then noted later, so generally Stg/Yen's move
appeared limited both side. "UK recovery won't be knocked off course by
spending cuts" on The Telegraph today is from BOE Sentance. The pair is
sitting on the Ichimoku cloud (130.19-131.40)
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[RISK APPETITE] has been
Posted by: | Comments[RISK APPETITE] has been revived, encouraged by a positive mix of US
data in which a sharp fall in wkly jobless claims suggested the labour mkt
could well be improving. Consumer confidence also rose, whilst a slowing
in the core PCE index to a record low and weak new home sales supported
Fed's QE2 case. US stocks chalked up a strong performance, with S&P ending
a lofty 1.5% higher, whilst commodities bounced back solidly, led by a
surge in oil prices by over $ 3 to above $ 84/brl. UST ylds have also risen
sharply, with 10yr leaping 13bps to 2.91%. Moves have been exaggerated by
below norm pre holiday volumes; and we need to warn that Korean tensions,
Europe's debt woes and a potential China tightening are still simmering in
the background. That said, Asian bourses are likely to play catch up to
the positive o/n leads. Otherwise, commodity ccies and Yen crosses are
being favoured, whilst Euro remains the weakest link
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[IRISH PM COWEN] on the w
Posted by: | Comments[IRISH PM COWEN] on the wires per RTE interview saying the aid-loan
package details are still not finalized but the borrowing rate seen in 6%
region based on what Irish govt assumes the cost would be in their budget
plan. But Cowen adds the final rate will depend on a number of factors
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