Swiss National Bank has registered “significant” losses on its foreign exchange portfolio

SNB’s Danthine: Bank Had Big Fx Losses; Potential For More

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BERNE (MNI) – The Swiss National Bank has registered “significant” losses on its foreign exchange portfolio and there is the “potential for further losses,” SNB board member Jean-Pierre Danthine said Thursday. However, the SNB’s hands are tied by its monetary policy, limiting what it can do with its foreign exchange reserves, Danthine said in the [...]

SNB’s Hildebrand: Inflation forecast shows there’s no urgent need for adjusting monetayr policy

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UK Analysis: May Retail Sales Plunge Largest Since Jan 2010

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–May Retail Sales -1.4% m/m; +0.2% y/y; median -0.6% m/m; +1.5% y/y –May Retail Sales ex fuel -1.6% m/m; unch. y/y;median -0.6% m/m;1.7% yy LONDON (MNI) – Retail sales volumes fell at their fastest pace for over a year in May and have not grown over the past 12 months, with retailers reporting that the [...]

UK DATA: May Retail Sales -1.4% m/m; +0.2% y/y…….

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UK DATA: May Retail Sales -1.4% m/m; +0.2% y/y –Median -0.6% m/m; +1.5% y/y –May Retail Sales ex fuel -1.6% m/m; unch. y/y;median -0.6% m/m;1.7% yy ———————————————————————— Retail sales volumes fell at their fastest pace for over a year in May and have not grown over the past 12 months, as retailers reported that the [...]

Update: SNB Leaves Rates Unchanged,Trims 2012-2013 Infl Fcsts

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–Adds Comments From Monetary Policy Assessment and SNB Head Hildebrand ZURICH (MNI) – The Swiss National Bank on Thursday left its target range for the three-month Swiss franc Libor unchanged at 0.0%-0.75% and said it would continue targeting the lower end of the range at approximately 0.25%. The central bank confirmed its outlook for economic [...]

UK May retail sales -1.4% m/m

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UGHHH, much worse than median forecast -0.6%. Biggest m/m drop since January 2010. Cable has given up quick half a cent, presently at 1.6115. ONS: Retailers say consumers cutting back due to worries over economy, rising fuel prices, uncertainty over jobs, pay Monthly drop driven by 3.7% fall in food store sales, biggest fall since June 2008!!!!

We got it surrounded!!

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EUR/USD sits at 1.4145. Trailing sell stops reported through 1.4120. As aforemented light buy stops through 1.4160.

French President Sarkozy calls for responsibility and sense of compromise to find a solution on Greece

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He’s such a statesman……. “Russian names” seen buying EUR/USD in low 1.4140′s. We’re at 1.4145. Must have been Ivor, Gregor and Boris.

ITALY DATA: Final May HICP rose 0.2% m/m and 3.0%….

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ITALY DATA: Final May HICP rose 0.2% m/m and 3.0% y/y, confirming preliminary readings published on May 31, and posting the highest y/y gain since October 2008, when the index rose 3.6%. –The main domestic index (NIC) was confirmed at +0.1% m/m, +2.6% y/y, posting the highest y/y gain since November 2008. –May core NIC [...]

Swiss National Bank Monetary Policy Assessment – Text

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BERNE (MNI) – The Swiss National Bank Thursday issued the following statement after deciding to leave its target range for the three-month Libor rate unchanged: “The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. The target range for the three-month Libor remains at 0.0-0.75%, and the SNB intends to keep the Libor within [...]

SNB Leaves Rates Unchanged, Trims 2012-2013 Inflation Fcsts

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ZURICH (MNI) – The Swiss National Bank on Thursday left its target range for the three-month Swiss franc Libor unchanged at 0.0%-0.75% and said it would continue targeting the lower end of the range at approximately 0.25%. The central bank confirmed its outlook for economic growth this year at around 2% and edged up its [...]

Moody’s: UK treasury support for ring-fencing proposals is credit negative for banks

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Spanish 10 year government bond yield hits 11 year high at 5.65%

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Greece 5 year credit default swaps rise to record high 1,850 bps, up 124 bps on day Spanish 5 year credit default swaps rise to 305 bps, up 18 bps on day Portuguese 5 year credit default swaps rise to record high 833 bps, up 44 bps on day Irish 5 year credit default swaps [...]

Greek vote of confidence in new govt to be completed by Tuesday night – Parliamentary aide

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Swiss National Bank holds target range for 3 month swiss franc libor unchanged at 0.00-0.75%

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As expected. SNB continues to aim for 3-month libor at 0.25%. SNB sees 2011 GDP growth at some 2% (same as previous forecast) Sees 2011 inflation at +0.9% (previous forecast +0.8) 2012 inflation +1.0% (previous forecast +1.1%), 2013 inflation +1.7% (previous forecast +2.0%) Over course of 2012 sees lower growth due to appreciation of the swiss [...]

Swiss industrial orders +4.4% y/y in Q1

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Weaker than forecast I had of +5.6% y/y. Q4 orders revised down to +5.6% from previous +6.0%.

German govt source: What matters is substantial private sector contribution in package not how this is achieved

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Now how helpful is that? Not very is the answer. Elsewhere stops have been tripped through 113.78 in EUR/JPY and we’ve been as low as 113.62 so far.

China buys AUD/USD

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In recent trade. (well off the lows to be more specific) We’re up at 1.0545 from earlier session low of 1.0507. Talk of sell stops just below the psychological 1.0500 level. If they’ve been buying AUD/USD, then it’s a good bet they’ve also been in buying EUR/USD as well, although I don’t as yet have confirmation [...]