Global property markets still looking weak Posted:

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• For those brave souls so inclined to dabble in EUR/CHF
• Greek 5 year credit default swaps up 33 bps on day, fresh record high of 1,575 bps
• EUR/CHF slips slightly in early trade
• Italy April industry output +1.0% m/m
• EUR/USD touch firmer in early trade
• EUR/JPY little easier in early trade
• German Finance Minister Schaueble says sees upward trend of prices in Germany, but sees no reason to evoke danger of inflation
• No need for Uk economy ‘Plan B’ but lets suspend the foreign aid budget
• What it would take to do a double dip
• China lending tumbles, signals slowing economy
• EUR/USD showing little net change in Asia
• ForexLive Asian market wrap
• Most European markets closed today
• Global property markets still looking weak
• Around the markets: Stocks staying weak
• USD looking healthier as session progresses
• NZD/USD falls after strong aftershock hits Christchurch
• Update: Japan Apr Core Machine Orders Unexpectedly Drop 3.3%
• EUR/JPY rallies as pre-weekend shorts cover
• JAPAN DATA: Japan’s April core machine orders (-3.3%.

For those brave souls so inclined to dabble in EUR/CHF Posted: Hearing a lot of buying of overnight 1.2000 euro puts being done this morning. We sit presently at 1.2100.

Greek 5 year credit default swaps up 33 bps on day, fresh record high of 1,575 bps Posted: Portuguese 5 year credit default swaps up 32 bps on day, fresh record high of 765 bps Irish 5 year credit default swaps up 23 bps on day, fresh record high of 735 bps

EUR/CHF slips slightly in early trade Posted: Down at 1.2095 from around 1.2125 when I sat down. Talk of barrier option interest now at 1.2050 and 1.2000. Guess they’ll be sell stops lined up just below each level, although don’t have confirmation of that.

Italy April industry output +1.0% m/m Posted: Much stronger than median forecast of +0.1%. March was revised up as well, to +0.7% from initial +0.4%. Work day adjusted +3.7% y/y, stronger than median forecast of +2.4%.

EUR/USD touch firmer in early trade Posted: EUR/USD is marginally firmer, presently up at 1.4358 from around 1.4340 when I sat down. A US investment house has been a notable buyer this morning. On the flip side selling of the EUR/JPY cross by a large US hedge fund is helping slow the ascent in EUR/USD. Feels like a typical Monday start to me.

EUR/JPY little easier in early trade Posted: Down at 115.20 from around 115.50 when I sat down. Large US hedge fund said to have been notable seller in recent trade.

German Finance Minister Schaueble says sees upward trend of prices in Germany, but sees no reason to evoke danger of inflation Posted:

No need for Uk economy ‘Plan B’ but lets suspend the foreign aid budget Posted: I’m most definitely with Roger. I’ve been thinking for months that this would be a sensible idea.

What it would take to do a double dip Posted: For those fretting that a string of disappointing US economic data presage a double dip in the recession, there is good news and bad news. Justin Lahart in the WSJ.

China lending tumbles, signals slowing economy Posted: Oh-eh. Soft or hard landing?

EUR/USD showing little net change in Asia Posted: EUR/USD sits at 1.4343, pretty much where it closed out last week in North America. Large part of Europe out on holiday today, so things could be pretty low key this morning. Nice to see Dr Doom Roubini out warning that a ‘perfect storm’ may threaten the global economy. Happy Dayz Trichet giving speech at [...]

ForexLive Asian market wrap Posted: Japan April core machinery orders -3.3% MoM NZD falls after strong aftershock hits Christchurch Regional stocks fall by around 1% on average Gold $1532/oz, Oil $99.30/bbl Australian markets closed; most European marketrs closed today EUR/USD saw an early push lower in interbank trade, triggering stops below 1.4300 and trading to 1.4285 before rebounding to its [...]

Most European markets closed today Posted: UK markets are open today but all of the other major European financial centres in Germany, Switzerland, France, Spain and many others well, are closed. I guess that should mean it’ll be very quiet until the US opens.

Global property markets still looking weak Posted: It was the property market which caused the first GFC and I suppose the question is, can lightning strike twice? I’m certainly not an expert on global property markets but what I can say for sure is that people (especially in the financial markets) seem to have very short memories indeed and have reverted to [...]

Around the markets: Stocks staying weak Posted: The Nikkei and Hang Seng are -0.8%, Singapore is -0.5% and Shanghai is -1.2%. Gold is trading at $1532/oz and Oil at $99.30/bbl. Apart from a few minor flurries it’s been quiet in Asia and, with much of Europe closed for a public holiday, it may stay quiet until the US comes in.

USD looking healthier as session progresses Posted: The 5.5 aftershock in New Zealand sent the NZD/USD tumbling from .8220 to .8135 but it is now steadying. The USD is looking a tad healthier as short positions book profits, with USD/CHF and USD/JPY both 30 pips higher. The sell-off in Gold on Friday has also given USD bears something to think about.

NZD/USD falls after strong aftershock hits Christchurch Posted: This has had a spin-off effect on the other majors with AUD/USD and EUR/USD falling back toward opening levels. USD/JPY has triggered some light trailing stops above 80.50 but is currently stalled by corporate offers at 80.65/70.

Update: Japan Apr Core Machine Orders Unexpectedly Drop 3.3% Posted: – Adds Official, Economist Comments, Details From 11th Paragraph – Japan Apr Machine Orders MNI Poll Median Forecast +1.9% M/M – Japan Apr New Core Machinery Orders Post 1st M/M Drop In 4 Mo – Japan Q2 Core Machine Orders Seen +10.4% Q/Q; Q1 +5.6% – Japan Gov Repeats: Machine Orders Picking Up With Soft [...]

EUR/JPY rallies as pre-weekend shorts cover Posted: EUR/JPY usually falls in Asia on Fridays as players worry about possible bad news over the weekend and prefer to be either short EUR/JPY or square. When Monday comes around these shorts tend to cover or wanna-be longs reinstate and I think that’s why we are seeing the modest rally in EUR/JPY this morning, up [...]

JAPAN DATA: Japan’s April core machine orders (-3.3%. Posted: JAPAN DATA: Japan’s April core machine orders (-3.3% m/m) saw some cancellations caused by the March 31 earthquake disaster but it is unknown how much these cancellations affected orders, a Cabinet Office official said. In order for core orders to rise 10.4% in Q2 from Q1, as forecast by firms, they would have to grow [...]