- Debate reignites on issue of bond haircuts in Ireland
- Australia : NAB Business Confidence Index rose to +4 in January, from -3 in December. The Business Conditions Index fell to -6 (similar time frame)
- U.S., Brazil to Press China on Currency
- Investors’ $102 Billion Metals Wager Showing Bull Market Intact
- Most Asian Shares Up, Cheered by Wall Street
- UK RICS Housing Price Index at 31%, from 39% vs expectation of -38% – the highest level since July 2010
- UK BRC Retail Sales Monitor +2.3% vs last -0.30%, a much better than expected number
The session for the early part was incredibly tedious and quiet to say the least; the AUD and NZD saw a little early selling but both were supported well at lower levels; the Kiwi saw a decent buy flow buy the pair to 0.7730 and then sold down to 0.7696 and back again to close the session at the high 0.7737; AUD/USD ranged 1.0118/55 and is trading at the high also.
EUR/USD for the most part traded a narrow range with some buying encouraged by EUR/GBP profit taking; EUR/USD ranged 1.3573/1.3635 and EUR/GBP trades near the top at 0.8440; EUR/JPY went with the flow ranging 111.73-112.15
Cable has been bid but losing a little as mentioned against the EUR. More positive data is encouraging and the market is even pricing in a 25-40% chance of a 25bps rate rise from the BOE on thursday; if we do not see action there some recent longs may be discouraged and a sell-off for the moment may be on the cards. Cable trades at 1.6145, range 1.6108/53
USD/JPY traded ! just…82.26-37…Gold also remained in a tight range, now at $1351.70
