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ECB leaves rates unchanged

As expected.

By Gerry Davies  || September 2, 2010 at 11:51 GMT
Category: All, Central Banks, Europe, Mkt News, Regions || Tags: || 7 comments || Add comment
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ForexLive European Wrap: Not much going on. GBP has poor morning, CHF good one

Not too much going on. Sterling has had a poor morning, underminned by poor house price, construction PMI data.  Swissy on the flip side has had good morning,  underpinned by good  Q2 GDP, retail sales data.

EUR/USD firmer on day, up at 1.2825 from early 1.2790.  The pairing did suffer a bit of a swoon posting a session low 1.2777, but ready buyers emerged.  The sell-off seemed to coincide with announcement of Swedish rate hike, which saw heavy selling of the EUR/SEK cross.

Asian central bank and hedge funds notable buyers below 1.2800 this morning.  On the topside sell orders noted at 1.2830/50 and they’ve helped cap rally attempts at 1.2838 so far.

Cable down at 1.5400 from early 1.5445.  Poor UK house price/construction PMI data have weighed on sterling.  Real money buyer seen around 1.5375 low helping lend much-needed support.

EUR/GBP up at .8325 from early .8280, but sell orders noted at .8330/50 have capped topside at .8338 so far.

EUR/CHF down at 1.2980 from early 1.3015 having been as low as 1.2945 at one stage.  Swissy supported by strong GDP/retail sales data.  UK clearer notable seller in very early trade.

USD/JPY unchanged at 84.18.  Got as low as 84.01 before decent buying from a Dutch bank lent much-needed support.  The Danish bank, who has been notable buyer of late, was also said to have been in buying again.

By Gerry Davies  || September 2, 2010 at 11:24 GMT
Category: All, Central Banks, Economy, Europe, Mkt News, Mkt Talk, Politics/Policy, Regions, Wrap up, orders || Tags: || 3 comments || Add comment
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Well……

Had to step away to take phone call past 45 mnutues or so and guess not a heck of a lot has happened.  EUR/USD sits at 1.2820, sell orders up at 1.2830/50 still hanging tough.

USD/JPY managing to hold above 84.00 so far, presently at 84.19 having been as low as 84.01.  Heard Dutch bank (not Danish this time) seen decent buyer off the lows. 

Cable meanwhile managing to hold up after post construction PMI swoon.  EUR/GBP at .8323, aforementioned sell orders up at .8330/50 managing to cap earlier rally which topped out at .8338.

Nearly home time.

By Gerry Davies  || September 2, 2010 at 10:50 GMT
Category: All, Europe, Mkt Talk, Regions, orders || Tags: , , || 0 comments || Add comment
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Spanish/German 10-year government bond yield spread falls to 169 bps

Lowest since August 20.  Hooray!!!

By Gerry Davies  || September 2, 2010 at 09:38 GMT
Category: All, Economy, Europe, Mkt Talk, Politics/Policy, Regions || Tags: || 1 comment || Add comment
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EUR/USD continues to range trade

Presently at 1.2819. Sell orders up at 1.2830/50 so far enough to cap topside.  One to tuck away; sell stops seen through 1.2750 on downside.

By Gerry Davies  || September 2, 2010 at 09:16 GMT
Category: All, Europe, Mkt Talk, Regions || Tags: || 14 comments || Add comment
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Cable trying to steady after poor construction PMI data

Up at 1.5390 from session low 1.5375 seen after crappy construction PMI data.  Source reports real money account seen buying in recent trade.

By Gerry Davies  || September 2, 2010 at 08:46 GMT
Category: All, Europe, Mkt Talk, Regions || Tags: || 0 comments || Add comment
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UK construction PMI 52.1 in August

Versus 54.1 in July.  Much worse than median forecast of 53.2.

 It’s all coming apart at the seams (that’s better) I tell ya!!! I packing my bags and moving to ……..Sweden!!!

“You can dance, you can jive having the time of your life

See that girl, watch that scene, diggin’ the dancing queen”

By Gerry Davies  || September 2, 2010 at 08:35 GMT
Category: All, Economy, Europe, Mkt News, Regions || Tags: || 0 comments || Add comment
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And up and down and up again….

EUR/USD back above 1.2800, presently at 1.2805.  Getting reports system funds seen buying in recent trade.  We’re not getting very far this morning, are we? Only another 4 hours to go before home time.   4 hours!!! :(

By Gerry Davies  || September 2, 2010 at 08:15 GMT
Category: All, Europe, Mkt Talk, Regions || Tags: || 16 comments || Add comment
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No decision yet on Anglo Irish bank – Government source

  • Govt still discussing either gradual wind-down or good bank/bad bank split with EC
By Gerry Davies  || September 2, 2010 at 08:04 GMT
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EUR/GBP ticking higher; sell orders noted

Presently at 8310 from early .8280.  Talk sell orders clustered up at .8330/50.

By Gerry Davies  || September 2, 2010 at 07:59 GMT
Category: All, Europe, Mkt Talk, Regions, orders || Tags: || 0 comments || Add comment
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