April Talking About UK Public Finances
Dec
13
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Fox of the Month
April Discusses the USD Chicago Purchasing Manager
Nov
17
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- Global sell off for stocks extended to Asia as Italian bond yields move higher worsening Europe’s debt crisis
- Pummeling regional financial stocks and sending the Tokyo market sliding to a one-month low
- Net change in asain majors are down significantly HK down 4.5% Korea down 3.5% Japan and Australia down 2.7%
- Italy will have T-bill auction later today which will be interesting as economists are advising not to buy Italian debt
- EUR JPY GBP and AUD appear to be consolidating oversold conditions in 35 to 45 tic ranges
- Markets opened with gains but was short lived indexes turned to red when Italian 10-year bond yields surged to all-time highs showing Berlusconi’s vow to resign is not enough to ease fears also 2yr and 5yr BTP’s yields are now over the 10yr BTP yield
- Eurostoxx 50 down 1.85% the DAX down 1.8% the CAC down 1.4% the FTSE down 1.1%
- Optimism of Berlusconi’s resignation yesterday turned to fear as investors concerned about the uncertainty as Berlusconi depart the consequence is Italian borrowing costs rallied to Post-Euro highs as the 10-year bond yields at 6.76% the 2yr 7.5% also not a good sign
- The macroeconomic front UK trade deficit figures added reasons for concern UK trade gap rose to a record high at GBP 9.8B in September well above market consensus of a GBP 8.0B deficit August trade gap was revised to GBP 8.6 B from the previous GBP 7.6 B
- EUR/USD rally from 1.3600 lows Monday was capped at 1.3860 high in the Asian session the pair sold off to 1.3800 then accelerated during the European session to one-week lows of 1.3655 so far
- GBP/USD rally from last weeks lows of 1.5875 hit highs Tuesday of 1.6130 the pair started selling off from poor UK trade balance figures breaking below 1.6000 back to week lows of 1.5980
- USD/JPY broke thru 78.00 area was contained at 77.55, then rallied at the European session open supported by general dollar strength it still remains capped below 77.75 the previous post-intervention low
April’s Figure of the Day: Swiss Unemployment
Nov
8
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- Markets opened stronger with investors still cautious from growing concern about uncertainty in Italy which pushed the country’s borrowing costs to all-time highs of 7%
- Eurostoxx 50 up 0.7% the DAX up 0.9% the CAC up 0.8% the FTSE up 0.7% in the first two hours of trading
- Investor’s focus on Italy as parliament is going to vote on the public budget which could trigger a confidence vote of prime minister Silvio Berlusconi whose support weakened considerably within the government coalition the EU and IMF pushing for implementation of controversial austerity measures
- Tensions in Greece are easing after Papandreu’s resignation forming a unity government ECB vice president Lucas Papademos is leading the polls to be Prime minister although IMF director Panagiotis Roumeliotis is also an important candidate
- The Euro and Pound have rallied from positive equity markets EUR/USD sell off from 1.3780 was contained at 1.3725 the pair rallied to session highs of 1.3790 GBP/USD rallied from 1.6035 hitting highs of 1.6090 USD/CHF rally from 0.8760 low last week is been capped at 0.9065 the pair sold off of session highs moving right below 0.9000 USD/JPY quietly trading 78.05 to 77.97
