- German November ZEW survey econmic sentiment -15.7, down from -11.5 in October and demonstrably weaker than Reuter’s median forecast of -9.8
- ZEW: Prevailing recessionary developments in euro zone likely to be burden for economic growth in Germany for next six months. Foreign trade, lack of confidence impact German economy
- ZEW economist: Overall picture is that we are moving sidewards in band of -10 to -25 pts
- French FinMin: France, Germany aim to reach poltical deal on Greece by November 20, disburse funds by month-end
- German FinMin: France isn’t the ‘sick man of Europe’
- UK October CPI +0.1% m/m, +2.7% y/y. Year on year increase demonstrably stronger than Reuter’s medioan forecast of +2.3%. ONS says rise driven by university tuition fees, food and transport
- ECB’s Costa: Portugal’s finance situation requires a debate
- Fitch: Little scope for near-term optimism on Japanese economy
- Lenders at odds over Greek debt – WSJ
- US to overtake Saudi Arabia in oil as China’s water runs dry – AEP at The Telegraph
- £48 bn gap in next government spending review, says study
Fairly lacklustre session. Sterling has seen some across the board improvement in the wake of the stronger than expected CPI data (see above) Cable up at 1.5890 from early 1.5860, having been as high as 1.5905. EUR/GBP down at .7972 from early .7995. Buy orders at 1.5850/60 ahead of 200 dma at 1.5850 earlier provided solid base for cable.
EUR/USD effectively unchanged at 1.2680. Early reports had buy orders clustered 1.2650/60 and they held ZEW-induced sell-off. 100 DMA lies at 1.2639, sell stops just below there.
USD/JPY marginally firmer at 79.45 from early 79.30. Buy orders seen from 79.20 down to 79.00, sell stops below there and more through 78.90. Sells orders clustered 79.50/65 ahead of 200 dma at 79.68. Buy stops just above the 200 dma through 79.70 and more through 79.85.
