BOE Receives No Bids At 7-Day Dollar Repo Ops



Link to ForexLive
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Cannot rule out negative GDP in 2012, assumes there will be a recession
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LONDON (MNI) – The Bank of England said Wednesday it received no bids at its 7-day unlimited dollar repo operation. The dollar repo operations were reintroduced by the Bank of England as part of a co-ordinated move by G7 central banks to inject dollar funds into the money markets if needed. –London newsroom: 00 44 [...]
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August: +0.2% m/m, +2.5% y/y July: +1.8% m/m (revised from +1.4%) June: -1.1% m/m (revised from -1.3%) May: +0.1% m/m (unrevised) April: +0.9% m/m (revised from +0.8%) March: -0.1% m/m (revised from -0.2%) – FRANKFURT (MNI) – Eurozone construction output growth slowed sharply in August, as gains in France and Portugal were partially offset by [...]
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EMU DATA: August construction output +0.2% m/m, +2.5% y/y – EMU July construction output rev up +1.8% m/m (+1.4%) – EMU July+August avg const. output +1.2% vs. 2q +0.4% q/q (+0.2%) – EMU August structural const +0.4% m/m;civil engineering -1.1% m/m – See MNI MainWire for details
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Heading back up through the pre release levels around 1.5735 after a sell off to 1.5711. Some talk that Barclays have issued a sell recommendation in  cable targeting 1.5000 with a stop of 1.6000, but am asking the bank concerned and as yet haven’t got a reply (and the pubs aren’t even open yet!) Hearing bids ahead [...]
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TOKYO (MNI) – Japan’s Cabinet Office is changing the calculation method for its composite indexes next month, which will prompt it to revise down its assessment of the current economic climate, the government’s panel of economists said Wednesday. The change will take effect on Nov. 7, when the Cabinet Office releases preliminary leading, coincident and [...]
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LONDON (MNI) – Employment intentions suggest there will be further jobs growth but the pace of recruitment is expected to slow, according to the latest Bank of England Agents’ report. The report, published alongside the October Monetary Policy Committee minutes, said the anticipated slower pace of recruitment reflected past hiring and “downward revisions to the [...]
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–BOE MPC: Considered Asset Purchases Between stg50bn to stg100bn –BOE MPC: Size of QE Can Be Adjusted in Light of Euro Zone Events –Some BOE MPC: Downside Risks Point to Larger QE Than Otherwise –BOE MPC: Differences in QE Size Outweighed by Inflation Uncertainty LONDON (MNI) – The Bank of England Monetary Policy Committee united [...]
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Survey sees a fall in business expectations due to concerns over the sovereign debt crisis sees 2012 GDP at 1%
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Considered £50-100 bln  asset purchases Some members see  cause for larger than normal stimulus due to substantial downside risks to demand Size may be adjusted in  respect of developements  in EU zone and financial markets
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FRANKFURT (MNI) – Inflation in the foreseeable future is not a concern, even if the Federal Reserve must ensure it keeps its reputation for being able to control consumer price growth, Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said in an interview published Wednesday. “I have no worries about inflation in the [...]
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Despite the reported BIS offer at 1.3820 , middle eastern EUR/USD buying is  still in evidence and EUR/CHF buying is adding to the topside pressure .  Asian sovereigns however have been noted sellers towards the earlier highs of 1.3740 Fears of a peg hike in EUR/CHF are getting a bigger airing which is driving the cross up to [...]
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ITALY DATA: August industrial orders rose 5.0% m/m in seasonally- adjusted terms on increased domestic and foreign orders, posting the highest m/m gain since March 2011 (+8.0%). Orders gained 10.5% in unadjusted y/y terms, up from +6.5% y/y in July. – Aug seas. adjusted m/m domestic orders +6.8%; foreign orders +2.2% – Aug seasonally-adjusted turnover [...]
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Word on the street is that the ubiquitous name is currently sitting on the offer at 1.3820
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Talk of a large expiry at 1.3800 today and some barriers (should we go higher through stops above 1.3850) at 1.3920, 1.3950 and 1.4000 The latest move back up above 1.3800 has been on the back of Middle Eastern buying. We’re around 1.3817
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Greek debt cut can only be voluntary EFSF would be more flexible with an insurance model EU competition rules have to change if members states are expected to recapitalise banks
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Fed perhaps doesn’t have the right monetary tools to address the systemic problems Frustrated with  ineffectiveness of monetary easing US Govt has to reduce  market uncertainty and needs to show more determination in tackling the budget deficit Sees US growth at 2.5-3% in 2012 barring further shocks No need to worry about inflation in the [...]
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JAPAN DATA: The Cabinet Office on Wednesday confirmed that the Japanese economy has been in a recovery phase since April 2009 after hitting bottom in the previous month. The government’s panel of economists has also concluded that Japan’s longest post-war economic expansion lasted until February 2008, longer than its previous estimate that it ended in [...]
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We’re back below 1.3800 as EU officials start the mornings spouting. Bids are  down at 1.3780/85 and 1.3770, on the topside offers seen ahead of 1.3850 with stops above.
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Ahead of the regular SNB meeting, a lot of talk carrying on from yesterday of a rise in the EUR/CHF floor. The cross leapt from 1.2380 to 1.2419, in nervous thin trading . Traders seeing a  break of the 1.2435 level as a catalyst  to 1,2490/00 and 1.2600 Haven’t heard of any offers as such but [...]
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