- France’s Lagarde: There is no request for European aid from Ireland
- Ireland considering asking for EU money for its’ banks. Ireland request for bank aid would be to fend off bailout of state – Irish Independent
- Irish junior minister: There are continuous talks, but none about Ireland triggering the bailout mechanism
- ECB vice Pres Constancio: ECB liquidity has been supportive of Irish banks, this is kind of support Ireland can expect. Up to Ireland to decide if and when to take EU help, it is available
- Irish 5 year cds at 520 bps, down 20 bps on day – Markit
- ECB’s Nowotny: Euro has and will continue to be important growth anchor for European region
- Greek PM: German position on debt resolution led to interest rate spiral for Ireland, Portugal. German position on debt “could break backs, force countries toward bankruptcy”
- Greek 2009 budget deficit revised upwards to 15.4%/GDP from previous 13.6% – Eurostat
- Euro zone 2009 budget deficit was 6.3%/GDP vs 2%/GDP in 2008 – Eurostat
- BOE’s Weale: At present MPC does not see compelling case for either tightening or loosening policy
- Banco Santander CEO: Funding situation for Spanish banks is improving
- Bank of Spain Governor Ordonez: Can’t rule out non-performing bank loans could rise in coming months
- German Q3 residential real estate prices +1.4% y/y, strongest rise since Q4 2008
Not a bad start to the week for the greenback. Where moved it’s stronger, underpinned by firmer US bond yields and ongoing worries surrounding euro zone peripheries.
EUR/USD started around 1.3675 and is down at 1.3625, having been as low as 1.3600. Large US commerical bank notable seller early, getting the ball rolling. BIS notable buyer around the lows, along with North American real money fund.
USD/JPY up at 82.95 from early 82.70, underpinned by firmer US bond yields. So far though USD bulls have struggled to initiate effective breach of 83.00, having been onlyas high as 83.01. Talk of stops through 83.20.
Cable down at 1.6060 from early 1.6110. Major Swiss commerical bank and Russia notable sellers early. Infact Russia has been noted selling on a few ocassions this morning.
We got as low as 1.6042 before buying from an Asian sovereign and Poland saw the pairing spike higher, fleetingly making it back above 1.6100. It’s time at those rarified levels was fleeting though. Talk of sell stops gathering down in 1.6010/20 area.
AUD/USD at .9840 effectively unchanged on the day. We dipped as low as .9813 at one stage, but buying from aussie exporters and real money lent aussie support. Notable selling of the EUR/AUD cross by an Asian sovereign was also supportive. The cross is down at 1.3845 from early 1.3895.
