FOREX NEWS | CURRENCY NEWS BY FOREXLIVE

November WTI crude takes another look under $80

Kicked  down over $2 lower from just under $81.00  as stocks get mashed again. We’re now testing some support around $78.60 which if clearly broken points the way down to $76.70/75

All starting to look a little ugly, but of course i’m sure this collapse will be reflected at the pumps!!!

Brent crude’s  down around $104.400  after being as low as $103.45

EU Commission: 420 bln euros has been injected into European banks since 2008

• Recapitalization of European banks is already underway and continuing
• Those banks that need recapitalizing should turn to the markets or member states
• Not all EU banks need more capital

Finnish Finance Committee: recommends parliament approves new EFSF powers

• Proposes EFSF gets bank shares as collateral if Banks are recapitalised
• Use of new EFSF powers should be subject to parliamentary approval

Yes it was a “dead cat ” bounce..

EUR/USD’s back down under 1.3500 as stocks give back  all earlier gains, and half the world seems disinterested ahead of some positive G20 news.

Bids are now emerging around 1.3490  but the tone looks soggy again with potential to test some hourly support around 1.3470 and 1.3455

ECB’s Coene: If data in October shows that things are worse than expected, ECB will look at decisions they have to take – Bloomberg

This was out some time ago.  Yesterdays conventional wisdom today

• Asked on long-term liquidity operations, says could perfectly do that if feels there is urgent need
• Not sure giving EFSF bank license would be good idea

EUR/USD back down at 1.3510, where it was when I sat down five and a half hours ago.

Bank of Spain: Recapitalistion process of banks nearly complete

All banks now likely to reach core capital ratios of between 8% and 10%

Greek Fin Ministry: Focussing on implementing July 21 deal

• All other rumours, conversations, scenarios are distracting from main goal.

Also:

Senior Greek Official:- Denies press reports that an orderly default and 50% haircut is an option

Italian August Non EU trade balance -E2.399bln

Slight improvement on August 2010 balance of -E2.546 bln

EUR/USD going nowhere around 1.3540

AUD/USD pushing up through Asian highs..

Just edged up through the Asian highs of 0.9863 to 0.9867, but quickly running out of steam with likely selling resurfacing from longer term funds, who apparently have been caught out in the move of the last couple of sessions.

We’re back down around 0.9850.  More offers waiting up at 0.9880/00

UK mortgage approvals for home purchase 35,226 in August

Up from 33,734 in July and highest number since May 2010.