November 22nd, 2010 11:20:30 GMT

ECB’s Nowotny: Important to contain Ireland problems


  • There are problems with individual states, not the euro (that’ll help!!)
  • Possible credit for Ireland will have very strict conditions

Sometimes it’s probably best to just say nothing.

EUR/USD down at 1.3715.

Funny, I thought it would go down eventually once I saw the BIS selling up at 40/45.  You know they’re almost always right in the end.  :P

I’m just joking…….  Having a little laugh.

Comments Off

November 22nd, 2010 10:25:27 GMT

EU Rehn: Irish Economic Situation Very Different To Portugal


BRUSSELS (MNI) – Olli Rehn, the European Commissioner for Economic
and Monetary Affairs, on Monday downplayed contagion fears by drawing a
distinction between Ireland and Portugal.

“The nature of the problems in Ireland are very different from, for
instance Portugal,” Rehn told reporters on the sidelines of a European
Commission conference in Brussels. “In Ireland it’s a matter of very
fundamental weaknesses in the banking sector, which now have to be
addressed in a decisive manner. Meanwhile, Portugal’s challengers are
rather related to the rate of potential growth and private debt,” he

“Portugal has taken very bold decisions concerning fiscal
consolidation and is intensifying fiscal reforms,” Rehn added.

Ireland confirmed late Sunday that it has requested formal talks
with the IMF, ECB and EU to negotiate the terms of an aid deal, which
will come with strict conditionality. Some policymakers have expressed
concern that, if not addressed, market fears about Ireland could spread
to other high debt and deficit Eurozone countries, such as Spain or

“I am usually quite hesitant in commenting on the markets…But I
repeat what I said: the cases are very different and it is now essential
to calm the turbulence which is centered around Ireland,” Rehn said,
when asked about contagion fears.

Slower than expected growth and the cost of bailing out its banking
system will push Ireland’s budget deficit to 32% of its GDP this year.
The Irish government has committed to getting the deficit below the EU’s
3% limit by 2014. Stripping out the banks, the deficit will be around
11.9% this year, still one of the largest in the Eurozone.

“The EU/IMF programme is going to be based on strong
conditionality. The four-year fiscal plan and next year’s budget decided
by the Irish government form a sound basis,” Rehn said.

“It is evident that after what has happened during the present
decade, Ireland will cease to be a low-tax country and will become a
normal tax country in the European context,” he said. “Which kind of
specific tax increases is, in the first place, in the hands of the Irish
government,” he added.

He said the work on an aid package for Ireland would be completed
by the end of the month.

–Brussels: 0032 487 (0) 32 803 665,

[TOPICS: MT$$$$,M$$FX$,M$$EC$,M$X$$$,M$$CR$,MGX$$$]

Comments Off

November 22nd, 2010 10:25:26 GMT

Germany Sells E2.900 Bn 12-Month Bubills, Wtd Avg Yld 0.8716%


FRANKFURT (MNI) – The German federal government sold E2.900 billion
in new twelve-month bubills at a weighted average yield of 0.8716%, the
Bundesbank announced Monday.

The weighted average yield was higher than the 0.8521% yield at the
last twelve-month auction October 25.

The average price of today’s auction was 99.12641 and the highest
accepted yield was 0.8740%. 75% of bids at the highest accepted yield
were accepted.

There were E9.525 billion in bids for the bubills, including E1.100
billion in non-competitive bids. 100% of the non-competitive bids were

The bid/cover ratio (excluding retention) was 3.3, higher than the
1.8 b/c at the October 25 auction. The government retained E100 million
of the issue (or 3.3%), bringing total issue volume to E3 billion, as

The bubills will settle on Wednesday, November 24 and mature on
November 23, 2011.

–Frankfurt newsroom: +49-69-720142;

[TOPICS: M$G$$$,M$$FI$,MGX$$$]

Comments Off

November 22nd, 2010 10:19:24 GMT

Cable having a good day, so far; sell orders noted


Cable up at 1.6077 from around 1.6015 when I started.  Talk of sell orders now clustered up at 1.6085/95.  The 1.6095 level was the recent high on Friday and I suspect they’ll be stops parked not far North of there, but haven’t confirmation of such as yet.  There is talk of stops through 1.6105 though.

Comments Off

1 11,732 11,733 11,734 11,735 11,736 11,737 11,738 11,739 11,740 11,741 11,742 15,943

About Forexlive

Founded in 2008, is the premier forex trading news site offering interesting commentary, opinion and analysis for true FX trading professionals. Get the latest breaking foreign exchange trade news and current updates from active traders daily. blog posts feature leading edge technical analysis charting tips, forex analysis, and currency pair trading tutorials. Find out how to take advantage of swings in global foreign exchange markets and see our real-time forex news analysis and reactions to central bank news, economic indicators and world events.

Our authors have years of experience in financial markets and provide diverse, thought-provoking updates relating to news about global macro events and the worldwide forex economic calendar, with frequently updated content that is educational for traders at all levels from beginner to novice that can help traders make better decisions about forex trading. Our forex news focuses on G10 events, macroeconomic indicators, major equities indexes, treasury and bond yields from around the world, politics as it relates to forex trading and news from the FOMC as well as global central banks in, Europe and Asia.

Learn More About The Forex Live Authors Here and Follow us on Twitter, Facebook & Google+


© Copyright 2014 ForexLive™  |  Advertise With Us  |  Login To Comment  |  Sitemap

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.