ECB’s Asmussen wants bail-in mechanism in place by 2015

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• German ZEW economic sentiment May: 36.4 vs 38.3 exp
• March EZ Industrial production 1.0% vs 0.4% exp m/m
• Spain sells €4.04bn of short term paper. Yields down again
• EC’s Tajani says they are working closely with ECB and EIB to provide more funds for business
• EURUSD orders
• Italian CPI april final: m/m 0.0% vs +0.1% exp
• GBPUSD orders
• EURUSD dips below 1.3000 again
• European equity markets open firmer
• Spanish CPI april final: m/m +0.4% vs +0.4% exp
• ECB’s Asmussen wants bail-in mechanism in place by 2015
• USDJPY bounces back through 101.50
• French current account march: EUR -2.9 bln vs -5.0 bln prev
• Cable buyers in the dip
• German wholesale price index april: m/m -0.2% vs -0.2% prev
• Nikkei 225 closes down 0.16% at 14,758.42
• German CPI april final: m/m -0.5% vs -0.5% exp
• USDJPY posts new session lows
• BOJ says it will be speaking to Bloomberg over their journalists’ access to private data
• UK referendum on the EU – coalition govt under real pressure

German ZEW economic sentiment May: 36.4 vs 38.3 exp Posted: 14 May 2013 02:00 AM PDT 36.3 prev ZEW current conditions May  8.9  vs 10.00 exp  9.2 prev Weaker than expected   EURUSD lower at 1.2987 Finding a few bids though as EZ ind prod better than expected ZEW president says: Eurozone economic situation still “poor” situation reflected by interest rate cut survey shows 77% of respondents not expecting further rate cut in next 6 months

March EZ Industrial production 1.0% vs 0.4% exp m/m Posted: 14 May 2013 02:00 AM PDT Prior 0.4% Feb revised down to 0.3%  y/y-1.7% vs 2.2% exp. Prior -3.1% Feb revised down to -3.2% Decent gain for industrial production though the price action is being trumped by the worse than expected German Zew

Spain sells €4.04bn of short term paper. Yields down again Posted: 14 May 2013 01:46 AM PDT Sells €1.01bn 6 month bills at 0.492% down from 0.530% prev Sells €3.03bn 12 month bills at 0.994% from 1.235% prev

EC’s Tajani says they are working closely with ECB and EIB to provide more funds for business Posted: 14 May 2013 01:36 AM PDT SME’s also targetted in a bid to encourage growth

EURUSD orders Posted: 14 May 2013 01:10 AM PDT Fund names have been selling this morning but we’re still at 1.3000 with good interest seen both sides of the price action. Currently 1.2998 Sellers 1.3010,1.3030,1.3050,1.3070,1.3100 Buyers 1.2985,1.2970,1.2935,1.2900,1.2880,1.2850

Italian CPI april final: m/m 0.0% vs +0.1% exp Posted: 14 May 2013 01:03 AM PDT +0.1% prev y/y + 1.1 % vs +1.2% exp  +1.2% prev

GBPUSD orders Posted: 14 May 2013 01:02 AM PDT Trading around 1.5300 again as I type after decent buying interest from middle east names earlier. Currently 1.5301 after dip just now to 1.529794 Sellers 1.5320,1.5350,1.5380,1.5400,1.5420,1.5450,1.5485,1.5525 Buyers 1.5285,1.5275,1.5255,1.5225,1.5200

EURUSD dips below 1.3000 again Posted: 14 May 2013 12:33 AM PDT I’m hearing reports of funds selling this pair so far this morning Currently on session lows in a rush at 1.2991

European equity markets open firmer Posted: 14 May 2013 12:17 AM PDT FTSE +0.2% DAX +0.3% CAC40 +0.2% IBEX +0.3% FTMIB +0.6%

Spanish CPI april final: m/m +0.4% vs +0.4% exp Posted: 14 May 2013 12:06 AM PDT +0.4% prev y/y +1.4% vs +1.4% exp  +2.4% prev

ECB’s Asmussen wants bail-in mechanism in place by 2015 Posted: 14 May 2013 12:04 AM PDT says he wants single bank resolution mechanism in place along with single supervision in middle of 2014 out on reuters

USDJPY bounces back through 101.50 Posted: 13 May 2013 11:52 PM PDT I posted earlier on the dip down to 101.27 and mentioned there were buyers lining up at 101.25 and 101.00 The pair has  wiped its feet at 101.50 but has just posted 101.52 as I type. EURJPY trading at 132.00 again

French current account march: EUR -2.9 bln vs -5.0 bln prev Posted: 13 May 2013 11:45 PM PDT Feb revised down from EUR -4.9 bln EURUSD unchanged at 1.3003

Cable buyers in the dip Posted: 13 May 2013 11:33 PM PDT I’m hearing talk of middle east buying interest so far this morning on this pair. Currently 1.5318 from 1.5294 lows

German wholesale price index april: m/m -0.2% vs -0.2% prev Posted: 13 May 2013 11:29 PM PDT y/y -0.4% vs -0.3% This was out earlier with the CPI but slipped under my radar. Apols. No impact anyway

Nikkei 225 closes down 0.16% at 14,758.42 Posted: 13 May 2013 11:02 PM PDT down 23.79 points

German CPI april final: m/m -0.5% vs -0.5% exp Posted: 13 May 2013 11:01 PM PDT -0.5% prev y/y +1.2 % vs +1.2% exp  +1.2% prev HICP m/m -0.5 % vs -0.5% exp -0.5% prev  y/y  + 1.1 % vs +1.1% exp  +1.1% prev

USDJPY posts new session lows Posted: 13 May 2013 10:51 PM PDT The pair is back below 101.50 and has just traded at 101.29 as JGB yields remain firm. Also talk of repatration for US treasury redemptions and coupon payments Buy orders reported at 101.25 and more at 101.00

BOJ says it will be speaking to Bloomberg over their journalists’ access to private data Posted: 13 May 2013 10:32 PM PDT The Bank of Japan has just announced it will join the ECB, US Fed and others in raising its concerns over recent revelations that journalists have had access to private data, including the Bloomberg messenger conversation service used by traders. Bloomberg CEO Winkler has apologised for the practice, calling it “inexcusable” but said that it had allowed only “limited” access. The FT this morning carries this story, Bloomberg users messages leaked online. The story is gated but can be read by signing up to a free registration or else search for the headline

UK referendum on the EU – coalition govt under real pressure Posted: 13 May 2013 10:18 PM PDT We’ve been posting on this subject for a while now and the debate is beginning to take centre stage here With PM Cameron now rushing through a bill to secure a vote by 2017, should they be re-elected, the tactic should be seen as  an attempt to placate his own party right now more than the electorate Here’s this morning’s editorial from UK commuter freebie City am which suggests that the govt will not even see out its full term, a possibility that I have raised here before. The Independent carries this story The on-going uncertainty should continue to weigh on the pound.