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- ACB seen buying EUR/USD and AUD/USD
- Euro zone sentix drops to -13.5 in August
- Japan Vice FinMin Igarashi: No change in Japan’s stance to take firm measures to correct speculative moves
- Trichet wrote secret letter to Italian govenment
- Cable touch firmer on the day; sell orders noted
- Eastern European sellers slow EUR/USD advance
- Italian/German 10 year govt bond yield spread tightens to 296 bps
- French FinMin Baroin: Governments need time to execute deficit reduction plans
- Italian 10 year govt bond yield 46 bps lower at 5.65%
- G20 Finance Deputies to “take all necessary measures to support financial markets”
- Eurostoxx 50 futures down 2.3% early
- Japan FinMin Noda: BOJ’s easing last week was appropriate move reflecting yen rise, economic conditions
- Swiss unadj unemployment rate 2.8% in July
- ECB moves to prop up Italy, Spain
- Japan July economy watchers’ survey service workers index 52.6
- We face recession without shock absorbers as Berlin loses patience with the eurozone
- Moody’s: Japan’s currency intervention is negative for sovereign rating
- Sharemarkets falling heavily; Kospi -6.5%, trade briefly suspended
- EUR/AUD breaks through previous resistance
- ForexLive Asian market wrap: Financial markets remain nervous
| ACB seen buying EUR/USD and AUD/USD Posted: In recent trade. I was told a few minutes ago and we’re no higher since, in fact we’re a touch easier in both pairings, presently at 1.4338 and 1.0358 respectively.    |
| Euro zone sentix drops to -13.5 in August Posted: Sharply lower from 5.3 in July and below median forecast of 3.4. Lowest read since September 2009.  |
| Posted: No intention to conduct intervention with aim of achieving specific level  |
| Trichet wrote secret letter to Italian govenment Posted: According to Milan daily Corriere della Sera, ECB President Trichet wrote a secret letter to the Italian government last week “dictating” what they should do in the way of economic reforms. The letter set out what measures should be taken and gave a timetable for their implementation. Apparently the letter asked for rapid privatization of [...]  |
| Cable touch firmer on the day; sell orders noted Posted: Cable up at 1.6435 from around 1.6405 when I sat down. Sources report decent “retail” sell orders clustered up at 1.6480/00.  |
| Eastern European sellers slow EUR/USD advance Posted: We sit at 1.4385 having been as high as 1.4401. Eastern European names seen notable sellers up around 1.4400. UPDATE: US investment bank notable seller in recent trade and sell-off has extended to 1.4370 at writing.  |
| Italian/German 10 year govt bond yield spread tightens to 296 bps Posted: Versus Fridays settlement close of 375 bps Spanish/German 10 year govt bond yield spread tightens to 288 bps vs Friday settlement close of 372 bps Confirmation ECB has been buying Italian and Spanish government bonds this morning. I think we kinda suspected as much  |
| French FinMin Baroin: Governments need time to execute deficit reduction plans Posted: There must be no doubt about follow through on July 21 euro zone financial plan We will not waver on deficit reduction goal in France European stock futures paring losses presently. DAX futures now off only 1.5%, CAC 40 only 1%.  |
| Italian 10 year govt bond yield 46 bps lower at 5.65% Posted: Spanish 10-year govt bond yield 28 bps lower at 5.79% Moves come with ECB having decided it will buy Italian, Spanish bonds as necessary. This bond action will be helping support EUR/USD.  |
| G20 Finance Deputies to “take all necessary measures to support financial markets” Posted: To remain in contact, cooperate as appropriate  |
| Eurostoxx 50 futures down 2.3% early Posted: DAX futures down 2.7%, CAC 40 futures down 2.3%.  |
| Posted: Expects BOJ to continue supporting Japan economy from monetary front  |
| Swiss unadj unemployment rate 2.8% in July Posted: Better than Reuters’ median forecast of 3.0%. (I have to admit I’d seen 2.8% as general forecast elsewhere) Seasonally asdjusted rate 3.0%, in line with Reuters’ median forecast.  |
| ECB moves to prop up Italy, Spain Posted: WSJ article. Trichet and co bow to the inevitable.  |
| Japan July economy watchers’ survey service workers index 52.6 Posted: Up from 49.6 in June. Japan cabinet office says economy is picking up, although impact of quake remains  |
| We face recession without shock absorbers as Berlin loses patience with the eurozone Posted: Love him or loathe him, latest from AEP at The Telegraph.  |
| Moody’s: Japan’s currency intervention is negative for sovereign rating Posted: FX intervention not stopping yen rise, so has negative implications for Japan’s credit  |
| Sharemarkets falling heavily; Kospi -6.5%, trade briefly suspended Posted: The Kospi is leading the way lower, now -6.5% as foreign investors bail out of Korean markets.Korean officials have suspended trade for 5 minutes. HK and Shanghai are around 4% lower on average.  |
| EUR/AUD breaks through previous resistance Posted: Chart highs at 1.3835 have been broken and next resistance is at 1.3925  |
| ForexLive Asian market wrap: Financial markets remain nervous Posted: ECB statement after special conference call Welcomes joint commitment from France and Germany Will actively buy Italian and Spanish debt, welcoming additional fiscal and spending measures which both countries have announced Important that member countries work hard to implement policies G7 also held special conference call, agreeing to take appropriate actions in FX market and [...]  |
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