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UK Business Secretary Peter Mandelson says the weaker pound has given a boost to Britain’s manufactured exports. Talking to BBC radio the official stated “We have a more competitive currency and that is certainly helping exports from our manufacturing sector” adding “I am going to put more effort and resources into taking advantage of that opportunity. ”

Not sure where he’s going to get the resources, but there we go.

Cable meanwhile has slipped back a little further, presently at 1.4535. Technical support now 1.4515.

I’ve just been talking to a source, and he’s mentioned a development which doesn’t appear to have been widely reported yet.

Apparently according to local media in Latvia, the country has failed to deliver measures posted by the IMF and so  isn’t going to get agreed funding expected in March.

This news, when widely reported, might just serve to deflate (a little) the renewed optimism evident today. It certainly isn’t very bullish Europe.

Time to target the evil bankers again, and this time the stick bearing mob are none other than the G20. They do not seem to be taking any blame themselves for the mess which is a bit of shame, but then again what more would we expect from politicians.

Here is a piece i found concerning the recently approved tax exemption for dividends paid by overseas units of Japanese firms. Some analysts are seeing this as a positive sign for major firms and the JPY.

I hope i dont upset too many people with what i am about to write and i am sure that at least one or two of you will agree with what i have to say.

Now i have no problem with any group that protests an issue “peacefully”. By peacefully i mean without acts of violence or destruction that require police intervention and a financial cost to repair. People should be allowed to express an opinion as a group peacefully and expect to be treated with due respect as humankind. When they resort to violence and mob mentality all they are demonstrating is the “devolution of mankind” and as such deserve to be treated as nothing more than animals. Despite having opposable thumbs, humans were given something else to distinguish them from animals and that is a voice, a method of complex communication so why revert to tribal mentality? 

Some tips for the protestors if they want to be taken seriously would include chanting something at least partially sensible. Chanting “Abolish Money” does not satisfy that criteria. But, i do like the idea of abolishing money to any welfare recipient or student receiving a grant that is arrested for anything other than a peaceful protest. I mean the least we can do is grant the wishes of those that protest so hard so as to get arrested to make their point, and if their point is abolish money, then take it away from them, i myself am very happy with money, although a little more would not go astray.

Tear gas and tanks for anyone who steps out of line i say!!

DON’T WORRY, IT’S ALL GOING TO BE ALRIGHT.  Early comments from the G20 are indeed nice and upbeat, giving me a nice warm fuzzy feeling.  President Obama is confident G20 will reflect enormous consensus on the need to deal with the problems. Meanwhile Gordon Brown is hyper-enthusiastic, the UK Prime Minister opining that the assembled officials are within a few hours of  aggreeing a global plan for economic recovery.

The USD and JPY are seeing some weakness in the wake of the comments as risk sentiment gets a little lift. EUR/USD has advanced to 1.3230 at writing, while USD/JPY is up about 20 odd points at 99.05.

The markets may need morals, but that is not going to happen so maybe some regulation may come in handy Mr Brown, remember regulation?? That is something you decided was not necessary, just like you thought it would be a great idea to sell the UK’s entire stockpile of physical gold at some ungodly rate 10 years or so back. I wonder what his next great trick will be??

In a WSJ piece today two international agencies have warned that global output will fall for the first time since WWII. For the complete doom and gloom piece please click here, but put away all sharp objects first!

In a story on Bloomberg just now, people close to the matter have said that President Obama has determined a pre-packaged bankruptcy is the best way for GM to restructure. No better news for Chrysler i am afraid, with Obama prepared to let it go bankrupt and be sold off.

Thats what we like to see, tough love!! I think it is a promising sign we have an administration that is willing to do something other than throw money hand over fist at a lost cause.

The price action following the release of the Tankan this morning is pretty symbolic of a buy the rumour sell the fact situation ie. the market sold JPY against everything during the past 24 hours in expectation of a bad number (i posted a piece yesterday in which someone was calling for -55 result so blind Freddy could see it was going to be a bad one) and following the release of the number today we have seen profit taking on JPY crosses bought during the past 24 hours. Not surprising given the way the USD/JPY has been bouncing around the past few days, and always good to lock some profit in on the first trading day of the month.

Dont panic Mr Mannering, dont panic, because i would be very surprised to see London do anything other than buy JPY crosses when they grace us with their presence this afternoon. Let me see if i can find some useful levels to assist us today.

Also, interesting to note that the Nikkei is currently up over 1% despite the bad numbers this morning, with financials leading the way today so far.

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