December 1st, 2010 09:16:07 GMT

EUR/USD slips back; French bank, hedge funds notable sellers


We’re back at 1.3067 having posted session high 1.3091, the aforementioned sell orders at 1.3090/00 having proven durable for now.

Sources report hedge fund selling into the rally and also say a major French bank was a notable seller. Talk is the bank offloaded in the region of half a yard (half a billon).


December 1st, 2010 09:05:45 GMT

USD/JPY edges higher


Presently up at 83.77 from around 83.42 when I started.  Better risk appetite and higher US treasury yields are lending support.

10 year yield up at 2.8480 from around 2.7986 when I got in.

Macro hedge fund buying has been noted.  Stops said to lie through 84.00.

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December 1st, 2010 08:50:09 GMT

Interesting seller turns up in cable…..


Getting reports the Singapore branch of a large US bank has turned up as a seller of cable in recent trade.  Having been as high as 1.5607 we’re back down at 1.5585.

Last couple of times I’ve heard this name mentioned they’ve been on the right side of the ball.  At least if they’re wrong they’ll know where to put their stops for a cheap chop ; )

Reports of stops now through 1.5610.


December 1st, 2010 08:32:16 GMT

ACB interest seen on topside


Talk is there is Asian central bank interest mixed in among the aforementioned 1.3090/00 sell orders.

I know it’s going to be a tough day when I start getting reports of ACB interest on both sides of the ball.

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December 1st, 2010 08:22:12 GMT

EUR/USD trips stops, rally accelerates


Euro bulls finally found aforementioned stops above 1.3050 and we’ve moved quickly to 1.3082 session high.  Asian central bank and corporate buying has been noted.

Next cluster of sell orders at 1.3090/00, more stops above.

UPDATE:  A UK clearer also being mentioned as major buyer in this latest rally.

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December 1st, 2010 08:11:55 GMT

Just reading some comments…..


Made by Citigroup.

They feel euro’s performance during remainder of year depends on real money (pension funds, insurance companies)

Citigroup say “If they let the market breathe then we may see a two or three big figure rebound. If not, then we are 1.2500 offered by the time the eggnog is served for Christmas.

Eggnog, yummy!!


December 1st, 2010 07:38:22 GMT

EUR/CHF rallies in early European trade; SNB around?


EUR/CHF up at 1.3085 from around 1.3025 when I arrived.

Mutterings that the Swiss National Bank may have been in buying. I have no confirmation of such whatsoever.  And I’d have thought if they’d turned up we’d be appreciably higher than we are at present. Much more likely someone taking a lump of profit after the recent sharp sell-off.


December 1st, 2010 07:25:42 GMT

Nationwide: UK Nov House Prices -0.3% m/m; +0.4% y/y


LONDON (MNI) – UK house prices fell 0.3% on the month in November,
and in the three months through November they fell 0.7%, according to
the latest Nationwide survey.

The latest Nationwide data add to the evidence that UK house price
inflation is evaporating. On a year ago house prices were up just 0.4%,
their weakest increase since September 2009.

The last time UK house prices were down on a year earlier in the
Nationwide series was back in August 2009.

“The recent trend of modestly falling house prices continued during
November, with the price of a typical UK property declining by 0.3% on a
seasonally adjusted basis between October and November. The three month
on three month rate of change – a smoother measure of the recent price
trend – rose from -1.5% to -1.3%. This remains well above the deeply
negative rates of -5% to -6% that prevailed during the most severe phase
of the downturn in 2008,” Martin Gahbauer, Nationwide’s Chief Economist,

However, Gahbauer said there was little signs of declines picking
up, saying:

“There is little evidence to suggest that house price declines are
likely to accelerate in the months ahead.”

–London newsroom: 4420 7862 7491; email:


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