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- Time for a bank recommendation!!!
- BOE Fisher Doesn’t Rule Out More QE If M-T Prospect Deflation
- ZEW June German economic sentiment index -9.0
- UK Data: Public Finances Show Poor Start To Financial Year
- More Fisher: If we get stuck in deflationary rut, not clear could get out easily. Would have to do a lot more QE
- UK DATA: May PSNB-X Stg17.415bn vs Stg18.48n in May..
- UK May PSNB 15.16 bln
- ACB been selling EUR/USD
- BOE Fisher: Should Get CPI Gently Back To Target Medium Term
- BOE’s Fisher: UK economic outlook is uncertain, risks both from inflation expectations and weak growth
- AUD/USD firmer
- Well…….
- Germany Seeks Bids On E4 Bn Top Up Of Jul 2021 Bund Jun 22
- China ForMin: China is “willing to help European countries realise economic growth in a stable manner”
- EUR/USD ticks higher
- Delaying tactics no help in Greek tragedy
- EUR/USD trades firmer in Asia
- EUR/GBP orders
- ForexLive Asian market wrap: Stops, the RBA and Fitch
- Around the markets: Stocks +0.5% on average
| Time for a bank recommendation!!! Posted: Morgan Stanley have put out cable trading rec. Short cable 1.6230. Target 1.5450. Stop 1.6330. Lovely risk/reward. UPDATE: Came out yesterday apparently, but still nice to know. Especially for us hardcore cable bears. Grrrrrrr.    |
| BOE Fisher Doesn’t Rule Out More QE If M-T Prospect Deflation Posted: London (MNI) – Bank of England Executive Director Markets Paul Fisher doesn’t rule out further quantitative easing if deflation became a medium-term prospect. In answers to questions at a conference here, Fisher said that deflation and further QE was not the MPC’s central scenario. “It always starts with our medium-term estimate of inflation and if [...]  |
| ZEW June German economic sentiment index -9.0 Posted: Someway worse than median forecast of -2.0. EUR/USD lower at 1.4327. ZEW economist says Greek financing requirements may have contributed to decline in indicator. Unfavourable economic data seems to have negative impact Financial market experts see more and more evidence that boom of German economy may weaken during months to come Greek crisis has an [...]  |
| UK Data: Public Finances Show Poor Start To Financial Year Posted: –May PSNB-X Stg17.415bn vs Stg18.48n in May 10 –May PSNCR Stg11.104bn vs Stg2.369bn in May 10 –May Current Budget -Stg15.346bn vs -Stg16.492bn in May 10 LONDON (MNI) – UK Public Sector Net Borrowing for the first two months of the current financial year rose to its highest level since at least 1993/94, figures released by [...]  |
| Posted: A lot more QE!!! Cable marked lower at 1.6185. Do I see a deflationary rut anytime soon? No. Risks are now that don’t yet see high CPI expectations crystalising, no need to address now Fall in sterling was probably necessary given external imbalances Happy for market to determine level of sterling provided don’t have excess [...]  |
| UK DATA: May PSNB-X Stg17.415bn vs Stg18.48n in May.. Posted: UK DATA: May PSNB-X Stg17.415bn vs Stg18.48n in May 10 –May PSNCR Stg11.104bn vs Stg2.369bn in May 10 –May Current Budget -Stg15.346bn vs -Stg16.492bn in May 10 ———————————————————————— UK Public Sector Net Borrowing in May was down slightly on a year earlier, but there was a substantial upward revision to borrowing in the previous financial [...]  |
| Posted: Compared to median forecast 15.75 bln. So slightly better than expected. PSNCR 11.104 bln, worse than median forecast 6.55 bln.  |
| Posted: In recent trade. We’re at 1.4355 in becalmed trade. Probably bought them down around 1.4200 yesterday. Run it up, run it down, run it up, run it down……. Anyone recommend a nice holiday destination? I’ve had more than enough of this cack.  |
| BOE Fisher: Should Get CPI Gently Back To Target Medium Term Posted: London (MNI) – The Bank of England’s Monetary Policy Committee should only aim to steer inflation gently back to target in the medium term, BOE Executive Director Markets Paul Fisher says Tuesday. Fisher says that with the UK economy having been hit by relative price shocks the MPC can, in accordance with its mandate, accomodate [...]  |
| Posted: Harder for policymakers to tackle deflation than inflation MPC underestimated inflation risks but hard to argue policy should have been different Despite temporarily higher inflation, MPC determined to hit medium-term target Just keep sitting on your hands boys. If in doubt, do bugger all!!  |
| Posted: Up at 1.0580 from around 1.0550 when I parked my bum. Talk model funds been buying the pairing in recent trade.  |
| Posted: This is fun……..NOT!!! EUR/USD sits at 1.4355 in very slow trade. Just found out Greek confidence vote scheduled for 21:00 GMT. It took me ages to find out that nugget of information. Life really shouldn’t be this difficult. Talk buy stops through 1.4400. Seems like a million miles away. UPDATE UPDATE: Right, more on Greek [...]  |
| Germany Seeks Bids On E4 Bn Top Up Of Jul 2021 Bund Jun 22 Posted: FRANKFURT (MNI) – The German federal government called for bids Tuesday on its E4 billion top-up of the 3.25%-coupon July 2021, 10-year bund, the Bundesbank announced Tuesday. Bids for the top-up are due by 9:00 GMT Wednesday, June 22, with results of the allocation to be announced shortly thereafter. The top-up tranche will settle on [...]  |
| Posted: Ahhh, ain’t that nice  |
| Posted: Up at 1.4365. Sources note system accounts buying in recent trade.  |
| Delaying tactics no help in Greek tragedy Posted: Paul Hannon in WSJ.  |
| Posted: Up at 1.4347 presently from a North American close Monday down around 1.4305. Fitch didn’t do the greenback any favours. Warned that US rating will be put on negative watch if debt ceiling not raised by August 2nd, and US would be in restricted default if it doesn’t meet August 15th coupon payment. Big focus today will [...]  |
| Posted: Stops reportedly starting above .8860 Hedge fund offers starting at .8880  |
| ForexLive Asian market wrap: Stops, the RBA and Fitch Posted: Latest RBA minutes reiterate that rates will need to rise at some stage but no urgency Fitch: US to go on negative ratings watch if ceiling not raised by August 2nd BOJ implementing 1% rule on stockmarket: Media reports More central banks buying AUD bonds Regional stockmarkets +0.5% on average Gold flat at $1542/oz; Oil [...]  |
| Around the markets: Stocks +0.5% on average Posted: The Nikkei is +0.75%, the Hang Seng is +0.4% and the region is about +0.5% on average. Gold is flat on the day at $1542/oz, not having reacted to the Fitch comments. Oil is +0.35% at $93.40/bbl. The FX market is now quiet, awaiting the first of the Europeans over the next hour or so.  |
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