- Thai FinMin: No indication from China if or when a yuan revaluation will take place
- China’s Hu: World economic upturn is not firmly established. Crisis has given rise to protectionism
- Major rise in yuan very unlikely – People’s Daily
- German Q3 GDP +0.7% q/q compared to median forecast +0.8%
- French Q3 GDP +0.3% q/q compared to median forecast +0.6%
- IMF’s Stauss-Kahn: US growth has resumed earlier than expected, but recovery remains sluggish
- BUBA’s Zeitler: 2010 will be tough for banks
- Italian Q3 GDP +0.6% q/q compared to median forcast of +0.8%
- German EconMin: Bruederle: Despite Q3 growth, can’t announce all-clear
- Euro zone Q3 GDP +0.4% q/q compared to median forecast of +0.6%
- IMF’s Strauss-Kahn: Many Asia currencies undervalued vs those of trading partners, euro is overvalued
EUR/USD trades up at 1.4885 from an early 1.4860. Reports of ACB purchases overnight have lent some underpinning. Good buying was noted from a Swiss private bank which helped propel the pairing to a 1.4901 session high, where it ran into well-touted sell interest said to lie at 1.4900 thru 1.4910. Hedge funds are said to be among the interested parties up there.
Cable has put on the best part of a full cent, presently up at 1.6680 from early 1.6595. The rally accelerated when stops just above 1.6650 were triggered and we’ve been upto a session high 1.6697 so far. UK clearer was noted selling up around the highs.
EUR/GBP is lower on the day, presently down at .8920 from an early .8950/55. Sovereign selling was noted in the cross. Talk of buy orders now at .8910 through .8900, stops just below there.
USD/JPY has traded lower in line with the general USD weakness, presently down at 89.80 from an early 90.20.
