Turkish Fin Min: Inflation may rise in coming months


Turkish Fin Min: Inflation may rise in coming months Link to ForexLive
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Will keep inflation in single digits, fiscal discipline important, doesn’t see long- term inflation risks
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One Uk clearer suggesting the move lower in cable was initiated by a mis-hit on the “toys”which does seem feasible looking at the charts, but either way sterling’s looking softer again. Order wise again it’s all a bit thin, but hearing of bids  1.5490/00 and 1.5420/30, with offers at 1.5590/00. Cable’s slipped to 1.5525
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Not exactly flying through the roof but the name apparently  one of the better ones, which pulled EURUSD back up to 1.3372. All looking a bit laboured though and once that o/n gap is filled we may  see some more downward pressure, barring any healthy news… Euro’s around 1.3355 Order wise it’s a bit sparse , [...]
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UK DATA: UK September manufacturing PMI at 51.1 vs MNI median estimate is 48.6 vs 49.0 in August.
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From a 49.4 revision in August, but new export orders  index falls to 45.0 from 46.9, which  is the lowest since May 2009. Cable  reacts unfavourably to the data with a spike down through 1.5500 before  pulling up again to 1.5550
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LONDON (MNI) – Below is a survey of analysts’ forecasts for the UK September purchasing managers indices (PMIs) for manufacturing, construction and services. The manufacturing survey is due out at 0828GMT on Monday, October 3, the construction survey at 0830 GMT on Tuesday, October 4 and the services survey at 0828 GMT on Wednesday, October [...]
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Apologies i missed that off the earlier list. Markets apparently looking for a low number of around 48.5 for Sept against 49.0 in August, but some other rumours going around of a high number Cable’s around 1.5570
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EUROPEAN DATA: European final Sep manufacturing PMI data at 48.5 — lowest since Aug 2009 vs 48.4 flash; 49.0 August — Reuters.
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(48.4 flash, 49.0 in August)  and the worst since August 2009. Sept Output index 49.6 (49.5 flash , 48.9 in August) Sept final Mfg new orders 45.2 (44.8 flash, 46.0 in August)- lowest since June 2009 EUR/USD  ignoring the poor  data continuing to head higher  to session highs of 1.3366, before running into offers ahead [...]
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GERMAN DATA: German final Sep manufacturing PMI data at 50.3 — lowest since Sep 2009 vs 50.0 flash; 50.9 August — Reuters.
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FRANCE DATA: France final Sep manufacturing PMI data at 48.2 vs 47.3 flash; 49.1 August — Reuters.
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Down from 50.9 in August, and lowest since Sept 2009 EUR/USD remaining mildly bid  around 1.3348 ahead of the combined EU PMI release
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…from August  final of  49.1
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An improvement from 47.0 in August,
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ITALY DATA: Italy Sep manufacturing PMI data at 48.3 vs 47.0 August — Reuters.
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JAPAN DATA: Sales at major Japanese department stores were weaker in September compared with August, as two major typhoons visiting Japan kept shoppers away from retail stores, and high temperatures in the first half of the month hit sales of autumn clothing. Sales at Isetan Mitsukoshi Holdings, which recorded the most sales among department store [...]
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EU needs to make a decision on Greece now Resolution of EU crisis would be the biggest boost to UK’s economy Europe has to increase firepower of the EFSF Expect to hear more comments from George this week as the conservative party conference gets underway.
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Yen’s strength doesn’t reflect fundamentals No reason for yen to be regarded as a safe haven currency More attention needed towards stabilising exchange rates
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Down from 45.3 in August,  and adding more downward pressure on the EUR/USD which is having another look at the lows
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Reforms sources are saying Troika talks have not been concluded, with the EU/IMF still examining Greek budget numbers. EUR/USD’s slipping back from recent highs of 1.3347 towards the earlier low of 1.3314
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