February 11th, 2011 01:13:11 GMT

South Korea keeps rates unchanged

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Despite CPI in January at 4% and rising, the BoK seem more worried about capital inflows and the USD/KRW rate than they do about inflation.

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February 11th, 2011 00:45:43 GMT

Why do the big banks choose to show their intentions with strong offers/bids?

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The core of the FX market is made up of a relatively small number of international banks, who have credit and trading limit agreements with each other. These banks may allow their bigger customers direct access to this market via a Prime Brokerage (PB) agreement. These customers include large hedge funds and individual traders, smaller banks and bigger retail brokers. The next level down includes customers who get direct access to the bank’s own pricing only.

All of these bank customers will leave market orders and the bank obviously sees them all. The best person to speak with in a bank is a salesperson who’s job it is to rustle up business and they will do this by calling their customers and telling them exactly what’s going on and who’s doing what. The absolute best person to speak to, without doubt, is the big hedge fund trader, because they get all the information from all of the big banks. Bank dealers are less willing to give out useful information as it may hurt their ability to clear their business, but friends look after friends and pass information along.

I get most of my  information from hedge fund sources. and whilst it could be in their interest to ‘colour’ the information, I don’t think they need to do so.

14 Comments

February 11th, 2011 00:23:15 GMT

More from the RBA

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  • History suggests that Chinese, Indian demand for resources to last for some time yet
  • Not seeking to intervene on the AUD
  • Pace of employment growth slowing a bit
  • Monetary policy not overly tight

Glenn Stevens is staying on the fairly bullish message re the Australian economy which has been standard over the last 18 months. The AUD struggling to bounce which is a bearish sign.

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February 10th, 2011 23:52:15 GMT

China adjusts RRR for some small lenders: Bloomberg

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Thanks to Sid and Ping for the prompt. Bloomberg are reporting that the Chinese central bank has adjusted the RRR (we presume raised) for mainly local city commercial banks. The adjustment was made after new lending exceeded 1.2 trillion Yuan in January.

2 Comments

February 10th, 2011 23:38:38 GMT

FT interview transcript: Christian Noyer

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Here is the transcript of the FT’s interview with French central bank governor, Christian Noyer. He says that the G20 meeting of finance ministers and central bank governors are not seeking precise results, rather they are seeking debate on issues such as international monetary system reform, volatility of commodity markets, emerging market curbs on capital flows and the role and development of the Renminbi.

If you cannot read the article, put the above headline into your search engine.

3 Comments

February 10th, 2011 22:39:38 GMT

USD/CHF: Some pivotal technical levels looming

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  • This pair has been below it’s 100-day MA since June last year and the overnight close was exactly on it’s current level at .9690
  • The January highs at .9780 were also a 61.8% retracement level and a break above there would weaken the downtrend.

Another factor to note for the CHF is the heavy short-covering in pairs like EUR/CHF and GBP/CHF over the last few days particularly by discretionary-type hedge funds who rely heavily on market information.

4 Comments

February 10th, 2011 22:09:01 GMT

ForexLive Asian market open

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The USD has made some strong gains overnight, especially against the CHF and the JPY, after strong employment numbers and rising yields made the greenback start to look more attractive. The EUR and the AUD have also lost some ground against the USD but the GBP has remained pretty strong.

Japan is on holidays today which might mean another slow session.

Good luck today and TGIF.

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