- Fed’s Evans: Wants to apply accomodative policy until confident economic situation changing and feels $600 bln is a good place to start
- Fed’s Rosengren: Expects to buy entire $600 bln of bonds as dramtic improvement absent, and would consider more action if economy weakens, inflation falls, jobless rate rises
- China’s consumer confidence drops in Q3 – Stats Agency
- China cabinet: Will make moves to stabilise prices
- LCH Clearnet ups margin requirements to trade Irish government debt to 30% of net position
- Finnish FinMin: Difficult to believe Ireland does not need financial help
- Irish FinMin: Finance ministers of eurozone are determined to take action to ensure stability of eurozone
- Irish PM: Focus is on what way assistance can be provided to deal with siuation in Ireland. No question of a bailout, that term is pejorative
- Austrian FinMin: Greek payment tranche will be postponed to January from December. Greek numbers look significantly better
- Greek FinMin: Delay of EU part of aid tranche to Greece till January is due to technical difficulties. IMF tranche of third aid instalment to take place as planned in December
- BOE minutes: 7 MPC voted for unchanged policy in November, Posen for 50 bln QE, Snetance for 25 bps rate hike
- UK October jobless claims fell -3,700, better than median forecast of +5,000. First monthly fall since July
Well I guess it had to happen eventually. After the extreme volatility Monday and Tuesday, this morning has seen things pretty much grind to a halt. Present levels on major spot/cross pairings pretty much where they were at the European opening.
EUR/USD sits at 1.3490, where it was around the start of the day, price action confined to a narrow range either side of 1.3500. Earlier rally floundered at 1.3526, Middle Eastern sovereign selling noted above 1.3520.
Talk of large 1.3450 option expiry today. Also talk of Asian sovereign buy orders down at 1.3440, with stops just below there.
Cable at 1.5880, also effectively unchanged on day. Better than expected jobless claims helped pairing rally to session high 1.5936, but it was short-lived.
Selling by US investment bank and Uk clearer (latter apparently for real money interests) has helped force the pairing back below 1.5900 in late morning trade.
USD/JPY at 83.45 also unchanged on the day. Fledgling rally topped out at 83.54, with Asian sovereign reportedly selling above 83.50. Stops said to lie through 83.60, before 84.00 barrier option interest. More stops said to lie above 84.00.
And finally AUD/USD at .9762, some 8 points firmer than when I sat down. Been that sort of day. Pairing dipped early to session low 9727, but buying from model funds lent support.
All in all something of a snooze-fest.
