AUTOREFRESH 
ForexLive European Morning Wrap:It’s Monday, what can I tell ya?
- Swiss unadj jobless rate 4.4% in February. Seasonally adjusted rate 4.1%. As expected
- Swiss retail sales +4.4% y/y in January vs downwardly revised 4.4% in December (previously 4.7%). Much better than median forecast of +2.3% y/y
- Portugal to cut budget deficit to 2.8%/GDP in 2013 from 8.3% in 2010 – Draft austerity plan
- Moody’s: Portugal’s weakening sovereign fundamentals challenge bank’s debts/deposit ratings
- EU Commission: Ready to propose European Monetary Fund
- German Govt spokesman: Germany, France, Eurogroup working on proposal on tackling speculation
- China has succeeded in curbing property speculation in some cities with fast rising prices. Property prices have stabilised – Housing Ministry
- China yuan is not necessarily undervalued if resource and labour costs raised to international levels. Recent loan curbs aimed to ensure even loans throughout the year, not serious tightening. China can contain inflation and asset bubbles if M2 and yuan lending targets are achieved this year - CBank’s Wu
- Dubai World said to ask banks to delay repayment in $28 bln debt talks
- Shanghai share index ends up 0.7%
- Bank of France industry business sentiment index falls to 102 in February from 104 in January, weaker than median forecast of unchanged 104
- Bank of France cuts Q1 GDP forecast to +0.4% from previous +0.5%
- Euro zone sentix index -7.5 in March vs -8.2 in February, better than median forecast of -8.0
- German January industrial production +0.6% m/m, weaker than median forecast of +1.0%
Maybe it’s me, but that session seemed deadly boring. Oh well.
EUR/USD opened firmer around 1.3685 and tried to extend the rally in early trade, briefly popping over 1.3700 posting session high 1.3704. Talk had sell orders layered from 1.3700 upto 1.3750, so it was no huge surprise when the pairing turned lower. Hedge funds were seen selling and we’re presently back down at 1.3645.
Cable opened firmer around 1.5165 and also tried rallying early. Sell orders were well noted up at 1.5190/00 and we duly topped out at 1.5195. We’re presently back down at 1.5120.
USD/JPY sits at 90.35, little changed after morning of very narrow range trade. Sources now report Japanese names up on the offer at 90.50. More offers seen 90.60/70 with stops through 90.75.
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