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• More from BOS Gov Linde: ‘Not impossible’ that Spain meets it’s deficit target this year
• UK BOE Data Show GDP Forecast To Fall On Quarter In Q4
• Update: BOE MPC Rules Out Rate Cut; 1 Vote For More QE
• ACB caps the cable
• Yen slumps as USD and cross buy stops are tripped.
• Update:Schaeuble Said EFSF Could Fund Greek Debt Buybacks: MP
• BOE Agents Report Sees Little Job Creation Next Six Months
• UK Analysis: Oct Borrowing More than Forecast; Receipts Poor
• BOE Minutes: MPC Rules Out Bank Rate Cut; 1 Vote For More QE
• BOE minutes: MPC voted 9-0 to keep rates at 0.5%, 8-1 to keep QE target £375 bln
• UK Oct PSNB £6.503 bln ( expected £4.0 bln) from £3.819 bln in Oct 2011)
• Germany MP: Schaeuble Said EFSF Cld Fund Greek Debt Buybacks
• Germany’s Merkel: Greece’s financing hole through 2016 can be filled with combination of lower rates and increasing EFSF
• French ForMin Fabius: France, Germany shouldn’t lecture each other
• Gold remains rangebound, but looks underlyingly bid
• More from Linde: Lower growth could put at risk 2013 budget goal
• Schaeuble tells lawmakers it is still open question whether 2020 or 2022 is benchmark for Greek debt sustainability – Source
• France Fin Min: Eurogroup Deal On Greek Bailout Likely Monday
• Bank of Spain Gov Linde: ECB has contributed to stability in crisis
• Today’s orderboard

More from BOS Gov Linde: ‘Not impossible’ that Spain meets it’s deficit target this year Posted: 21 Nov 2012 02:04 AM PST Recent data ‘goes in the right  direction’ Any slippage in 2013 will be ‘correctable’ Targets are ‘fundamental’ for confidence Spanish banks will participate in the bad bank ‘ without doubt’ Bloomberg reporting

UK BOE Data Show GDP Forecast To Fall On Quarter In Q4 Posted: 21 Nov 2012 02:00 AM PST -BOE Forecasts -0.2% Growth For Q4; 0.25% for 2013 LONDON (MNI) – The Bank of England has forecast growth to fall in the fourth quarter and expects to see virtually no growth throughout the whole of 2013. Figures released today showed the BOE forecasting year-on-year growth of 0.5% in Q4 which according to MNI calculations means GDP is forecast to fall 0.19% on the quarter. Growth is expected to pick up slowly throughout 2013 with output expected to rise 0.25% q/q in Q1, 0.36% in Q2, 0.5% in Q3 and 0.53% in Q4. For 2013 growth is expected to come in at just 0.25%, before rising to 1.25% in 2014. –London newsroom 0044 20 7862 7491; email: puglow@marketnews.com [TOPICS: M$B$$$,M$$BE$]

Update: BOE MPC Rules Out Rate Cut; 1 Vote For More QE Posted: 21 Nov 2012 02:00 AM PST -BOE MPC: Voted 8-1 for unchanged QE at Nov meet -BOE MPC: Unlikely to cut bank rate in foreseeable future LONDON (MNI) – At its November meeting the Bank of England Monetary Policy Committee voted eight to one in favour of leaving quantitative easing unchanged and effectively ruled out taking Bank Rate below 0.5%, the minutes show. Only MPC member David Miles voted for any extra QE at the November meeting, and he only opted for a further stg25 billion. The MPC also looked again at the case for cutting Bank Rate below 0.5%, but this time concluded, in light of BOE staff research, that it was unlikely to want to cut it in the foreseeable future. Market pricing has suggested a further cut in Bank Rate is seen as likely. In its November Inflation Report the BOE’s market rate assumption was that Bank Rate would fall to 0.3% by Q2 2013 before rising again to 0.4% by Q2 2014. The MPC looked at BOE staff research which showed a Bank Rate cut would weaken some lenders’ balance sheets, notably building societies, and that some of them may respond by restricting lending. At the same time, the Funding for Lending Scheme, which should boost lending, is now up and running. “Viewed against the backdrop of the Funding for Lending Scheme and the potential for building societies to play a material role in increasing lending, the Committee judged that it was unlikely to wish to reduce Bank Rate in the foreseeable future,” the minutes said. On extra QE, the MPC said it was possible that adding to demand stimulus could boost growth and moderate the damage to supply capacity. The majority on the MPC, however, were skeptical about its ability to raise productivity. They noted some of the productivity weakness may reflect problems in capital allocation in the wake of the financial crisis and this was “a constraint on output growth that would be unlikely to be removed by further demand stimulus alone.” In addition, CPI had risen to 2.7% in the latest print, in part due to administered price hikes, notably utility bill increases, and “the risks of inflation being significantly below the target were likely to be less.” The MPC majority highlighted the problems of adding to stimulus at a time when inflation is running markedly above its 2% target. “The prospect of continued above-target inflation in the near term increased the chance that any pickup in productivity would result in higher wage demands, rather than a reduction in firms’ costs,” the minutes said. “This had added to the other potential costs of injecting further monetary stimulus at the current time,” they said. For Miles, however, “the case for undertaking additional asset purchases at this meeting was nevertheless strong.” He accepted it was unlikely inflation would fall substantially below target but argued that the amount of slack in the economy meant it was possible to boost output growth “without causing material inflationary pressure.” Analysts’ median forecast had been for a unanimous vote on more QE but many had cited the possibility of Miles voting for more. The controversial decision to transfer gilt coupons from the BOE’s Asset Purchase Facility to the Treasury, effectively adding stimulus, was discussed by the MPC. They agreed the transfer “would imply a small easing in monetary conditions” but that it did not affect the MPC’s ability to set monetary policy, as they would take the extra stimulus into account in making their decisions. -London newsroom: Tel: +44 207 862 7491; email:drobinson@marketnews.com [TOPICS: M$$BE$,MT$$$$]

ACB caps the cable Posted: 21 Nov 2012 01:57 AM PST Talk in the street that an Asian sovereign was spotted towards the 1.5930 level on that last rally  following the MPC minutes release from 1.5905 (high 1.5930), and there are more offers sitting above in the 1.5940/50 zone,  with some bids  now drawn up to 1.5900/10. GBP/USD’s trading around 1.5919,

Yen slumps as USD and cross buy stops are tripped. Posted: 21 Nov 2012 01:44 AM PST Buy stops were tripped up through 82.00, 105.10, 85.10 in the USD/JPY, EUR/JPY and AUD/JPY respectively, in what traders are saying are thin market conditions ahead of the  Thanksgiving holiday tomorrow in the US. There’s a barrier sitting up at 82.50 in USD/JPY with offers protecting in front from 82.30. High so far has stalled  at 82.26just ahead of the 76.4% retracement of the March/June fall @82.27). EUR/JPY’ s hit fresh highs of  105.24 and more offers await towards the May 4 highs of 105.55. AUD/JPY blasts up to 85.34 after tripping additional stops through 85.30 with next point of reference being the  April 4 high of 85.58 Current levels- 82.20, 105.10 and 85.25

Update:Schaeuble Said EFSF Could Fund Greek Debt Buybacks: MP Posted: 21 Nov 2012 01:40 AM PST –Adds Comments To Story Sent At 09:05 GMT BERLIN (MNI) – German Finance Minister Wolfgang Schaeuble told parliamentarians on Wednesday that a debt buyback program for Greece was indispensable, Michael Fuchs, a lawmaker from Chancellor Angela Merkel’s CDU said. The money would need to come from Europe’s temporary rescue fund, the European Financial Stability Facility (EFSF), and would be on top of the already planned aid measures for Greece, Fuchs told reporters after a briefing from Schaeuble. Schaeuble said the EFSF’s volume would have to be increased by E10 billion to fund the Greek debt buyback program, another official who attended the parliamentary meeting said under condition of anonymity. The finance minister gave the impression there is a real risk that the International Monetary Fund could pull out of the Greek rescue program if no solution on the country’s debt sustainability were found, Fuchs said, noting that Schaeuble again stressed the importance of keeping the IMF on board. Germany still opposes a haircut on Greek debt held by the public sector, Norbert Barthle, another CDU lawmaker said. “I expect that we’ll do something with the interest rate level and the maturities of the loans” for Greece, said Barthle, who is the CDU/CSU’s parliamentary budget speaker. Moreover, Greece could use the proceeds from the future privatization of states assets to buy back its own bonds, he said. An official sector haircut, however, would be “completely counter-productive”, Barthle stressed, because this would mean that Germany could no longer give guarantees for loans to Greece. “It is not possible to guarantee loans which we expect to default,” he said. Extending the Greek aid program beyond 2014 “will cost around E14 billion – that’s what we’re talking about now,” the lawmaker said. Both Barthle and Fuchs said they expected Eurozone finance ministers to come to an agreement at the Eurogroup meeting next Monday. The Bundestag could then vote on the measures the following Friday, Fuchs said. –Berlin bureau: +49-30-22 62 05 80; email: twidder@mni-news.com [TOPICS: M$X$$$,M$G$$$,MGX$$$,M$$CR$,MT$$$$,M$Y$$$]

BOE Agents Report Sees Little Job Creation Next Six Months Posted: 21 Nov 2012 01:40 AM PST LONDON (MNI) – Employment intentions suggest that there will be very little job creation in the private sector over the next six months and UK manufacturing output is becoming more affected by the slowdown in the global economy, according to the latest Bank of England Agents’ Report. The Agents’ report shows employment intentions were broadly unchanged compared with the previous month, with little net job creation in prospect over the coming six months. The report also said that manufacturing output for export had continued to grow more steadily than for the domestic market, but slowing export growth had begun to affect production plans. Consumer spending remains constrained, the report says, adding that retailers planned to control stock levels very tightly in the coming weeks despite a slight pick-up in spending on durable goods. Turning to the construction sector, it says that although output in the sector was widely expected to continue to fall in the coming months, there were suggestions that the fall in activity had begun to bottom out. Work on both residential and infrastructure schemes had picked up since the summer, the report adds. In terms of credit conditions, the report says that recent reductions in financial institutions’ marginal funding costs as a result of the Funding for Lending scheme appeared to be working through more quickly in the residential mortgage market than in corporate lending. Mortgage lending rates had begun to ease and the supply of mortgages at higher loan to value ratios was improving. Small firms were still finding it difficult to access finance, the report says. The report says that capacity utilisation remained a little below normal with only isolated reports of constraints. Some manufacturers had yet to fully deploy new productive capacity and a number reported that pressure on output had reduced a little, the report says. Prospects for business investment remained very modest, the report adds. Those manufacturers needing immediate extra capacity were prepared to invest strongly but, for others, uncertain domestic prospects were suppressing planned investment into UK capacity. –London newsroom: 4420 7862 7492; e-mail: wwilkes@marketnews.com [TOPICS: M$B$$$,M$$BE$]

UK Analysis: Oct Borrowing More than Forecast; Receipts Poor Posted: 21 Nov 2012 01:40 AM PST -Oct PSNBX Stg8.604bn Vs Stg5.937bn In Sep 2011 -Oct Year-To-Date PSNBX Ex-Royal Mail Up Stg5Bn On Year Ago LONDON (MNI) – UK public borrowing in October was up from year ago levels, with a slowdown in receipts growth meaning we could see little or no improvement in borrowing this year. While Chancellor of the Exchequer George Osborne has been helped by a temporary boost of Royal Mail pensions and by transferring the coupon payments resulting from Quantitative Easing from the BOE, the underlying picture remains poor. With GDP growth likely to remain weak for some time, it is difficult to see how receipts will pick up enough to make a sizeable impact in the deficit. Public sector net borrowing excluding financial interventions, PSNBX, came in at Stg8.604 billion in October, up from Stg5.937 billion in the same month a year earlier. Analysts had expected to see a lower outturn of Stg6.2 billion For the year to data PSNBX stood at Stg45.3 billion, down from Stg68.3 billion, although this has been flattered by the one-off transfer or pensions from Royal Mail. Ex-Royal Mail PSNBX was Stg73.3 billion in April to October, compared with Stg68.3 billion in the same period a year earlier, a rise of 7.3%. While spending growth is running a little below the Office for Budget Responsibility’s forecast, receipts growth is far weaker. Spending was up 2.3% for the year to date compared with the OBR forecast of 3%. Receipts growth, however, was up just 0.4% against the forecast of 3.7%. Earlier this month the Treasury announced that it would be transferring the cash balances from the Asset Purchase Facility to HMT along with any further coupon payments. National Statistics have yet to rule on what impact this will have on the public finances but it looks set to decrease debt financing by around Stg11 billion this year and Stg36bn next year. The transfer of the stock from the APF is likely to cut net debt this year, while the ongoing coupon payment transfer is expected to reduce the deficit in the future. National Statistics confirmed this morning that they would rule on the treatment of the coupon transfers by January. –London bureau: 0044 20 7862 7491; email: puglow@marketnews.com [TOPICS: M$B$$$,MABDS$]

BOE Minutes: MPC Rules Out Bank Rate Cut; 1 Vote For More QE Posted: 21 Nov 2012 01:40 AM PST -BOE MPC: Voted 8-1 for unchanged QE at Nov meet -BOE MPC: Unlikely to cut bank rate in foreseeable future LONDON (MNI) – At its November meeting the Bank of England Monetary Policy Committee voted eight to one in favour of leaving quantitative easing unchanged and effectively ruled out taking Bank Rate below 0.5%. Only MPC member David Miles voted for any extra QE at the November meeting, and he only opted for a further stg25 billion. The MPC also looked again at the case for cutting Bank Rate below 0.5%, but this time concluded, in light of BOE staff research, that it was unlikely to want to cut it in the foreseeable future. Market pricing has suggested a further cut in Bank Rate is seen as likely. In its November Inflation Report the BOE’s market rate assumption was that Bank Rate would fall to 0.3% by Q2 2013 before rising again to 0.4% by Q2 2014. The MPC looked at BOE staff research which showed a Bank Rate cut would weaken some lenders’ balance sheets, notably building societies, and that some of them may respond by restricting lending. At the same time, the Funding for Lending Scheme, which should boost lending, is now up and running. “Viewed against the backdrop of the Funding for Lending Scheme and the potential for building societies to play a material role in increasing lending, the Committee judged that it was unlikely to wish to reduce Bank Rate in the foreseeable future,” the minutes said. On extra QE, the MPC said it was possible that adding to demand stimulus could boost growth and moderate the damage to supply capacity. The majority on the MPC, however, were skeptical about its ability to raise productivity. They noted some of the productivity weakness may reflect problems in capital allocation in the wake of the financial crisis and this was “a constraint on output growth that would be unlikely to be removed by further demand stimulus alone.” In addition, CPI had risen to 2.7% in the latest print, in part due to administered price hikes, notably utility bill increases, and “the risks of inflation being significantly below the target were likely to be less.” -London newsroom: Tel: +44 207 862 7491; email:drobinson@marketnews.com [TOPICS: M$$BE$,MT$$$$]

BOE minutes: MPC voted 9-0 to keep rates at 0.5%, 8-1 to keep QE target £375 bln Posted: 21 Nov 2012 01:35 AM PST Miles called for 25 bln more QE Limited signs of hit to supply, above-target inflation added to costs of more monetary stimulus at current time MPC members differed over exact impact of QE and over arguements in favour of more monetary easing MPC judged it was unlikely to cut bank rate in foreseeable future QE coupons deal would increase private sector cash holdings, reduce gilt holdings

UK Oct PSNB £6.503 bln ( expected £4.0 bln) from £3.819 bln in Oct 2011) Posted: 21 Nov 2012 01:31 AM PST October PSNCR falls to  -£14,677 from -£15.515 bln in Oct 2011 PSNB Ex intervention £8.604bln  ( expected £6.0 bln) from  £5.937 bln in Oct 2011

Germany MP: Schaeuble Said EFSF Cld Fund Greek Debt Buybacks Posted: 21 Nov 2012 01:10 AM PST BERLIN (MNI) – German Finance Minister Wolfgang Schaeuble told parliamentarians on Wednesday that a debt buyback program for Greece was indispensable, Michael Fuchs, a lawmaker from Chancellor Angela Merkel’s CDU said. The money would need to come from Europe’s temporary rescue fund, the European Financial Stability Facility (EFSF), and would be on top of the already planned aid measures for Greece, Fuchs told reporters after a briefing from Schaeuble. The minister gave the impression there is a real risk that the International Monetary Fund could pull out of the Greek rescue program if no solution on the country’s debt sustainability were fund, Fuchs said, noting that Schaeuble again stressed the importance of keeping the IMF on board. Germany still opposes a haircut on Greek debt held by the public sector, Norbert Barthle, another CDU lawmaker said. “I expect that we’ll do something with the interest rate level and the maturities of the loans” for Greece, said Barthle, who is the CDU/CSU’s parliamentary budget speaker. Moreover, Greece could use the proceeds from the future privatization of states assets to buy back its own bonds, he said. An official sector haircut, however, would be “completely counter-productive”, Barthle stressed, because this would mean that Germany could no longer give guarantees for loans to Greece. “It is not possible to guarantee loans which we expect to default,” he said. Extending the Greek aid program beyond 2014 “will cost around E14 billion – that’s what we’re talking about now,” the lawmaker said. Both Barthle and Fuchs said they expected Eurozone finance ministers to come to an agreement at the Eurogroup meeting next Monday. The Bundestag could then vote on the measures the following Friday, Fuchs said. –Berlin bureau: +49-30-22 62 05 80; email: twidder@mni-news.com [TOPICS: M$X$$$,M$G$$$,MGX$$$,M$$CR$,MT$$$$,M$Y$$$]

Germany’s Merkel: Greece’s financing hole through 2016 can be filled with combination of lower rates and increasing EFSF Posted: 21 Nov 2012 01:05 AM PST EFSF Guarantees could be increased by Eur 10 bln, Germany would assume its share Different Eurozone countries could help Greece in different ways The Chancellor was speaking to lawmakers

French ForMin Fabius: France, Germany shouldn’t lecture each other Posted: 21 Nov 2012 12:45 AM PST France, Germany must have partnership of equals (in your dreams pumpkin) Fashionable to call France sick man of Europe (sure is) French bond interest rates not much above Germany’s (shhhhhhhhhh, don’t go telling everyone!!!)

Gold remains rangebound, but looks underlyingly bid Posted: 21 Nov 2012 12:43 AM PST The yellow metal is slap in the middle of the daily Ichimoku cloud between  $1693 and $1760 with this week’s range so far squashed to $1720-36 and looking to go nowhere just now. Dips under 1700 towards the  100 day MA currently around 1685.50 are likely to prompt fresh demand as Eurozone uncertainty continues, oil prices rise and geopolitical M/E tensions build. India , the world’s biggest buyer of Gold, has prompted action from the  Reserve Bank of India (RBI)  which has barred banks from extending loans to Gold purchasers in an attempt to limit the current speculation, but with analysts and investors all forecasting a surge next year the writing does appear to be on the wall for a surge in prices. Gerry mentioned  yesterday that  legendary investor George Soros  was joining the bull party  by upping his holdings by 49% in Q3, and Paulson& Co  have  placed a $3.66 bln bet through the SPDR that the metal will rise, according to the SEC. A latest Bloomberg poll of 16 analysts  sees Gold rising in each quarter in 2013, averaging around $1925 an ounce The recent rally  is stumbling around the 50% retracement of the $1795-1674  (around  1735) which is the drop from early Oct to early Nov, but a break back up through the 61.8% retracement around $1749, should lead a charge back up towards $1795. On an intraday basis $1730 is the near term resistance and the $1739.50, with initial support down at $1720 and then $1713.25. XAU/USD’s  presently trading around $1725.25

More from Linde: Lower growth could put at risk 2013 budget goal Posted: 21 Nov 2012 12:32 AM PST Targeted deficit cut for 2013 ‘very ambitious’ Deficit target ambitious in recession context Spain to recover lost competitiveness in 2014 To recoup labor cost competitiveness lost since 98

Schaeuble tells lawmakers it is still open question whether 2020 or 2022 is benchmark for Greek debt sustainability – Source Posted: 21 Nov 2012 12:22 AM PST Whatever….. Tells lawmakers there is still no agreement on how to fill 14 bln eur hole in Greek finances through 2014 (get the Finns to cough up) Tells lawmakers ECB believes Greece can raise 9bln through t-bill issues Tells lawmakers Greek debt buyback could be done through expansion of EFSF programme Reuters reporting.

France Fin Min: Eurogroup Deal On Greek Bailout Likely Monday Posted: 21 Nov 2012 12:10 AM PST PARIS (MNI) – EMU finance ministers came within “a hair” of an accord on the Greek bailout earlier Wednesday and should be able to nail down a deal next Monday, once “a few technical parameters” are worked out, Finance Minister Pierre Moscovici said Wednesday. “We were very close to an accord” this morning, Moscovici said in a radio interview, but declined to finger those responsible for the deadlock. He said he was “very confident” that issues like the reduction on lending rates to Greece and banks’ exposure to its debt could be ironed out by Monday. In the wake of Moody’s downgrade of France’s credit status from triple-A to Aa1, in part based on the government’s rosy assumptions for domestic growth, Moscovici insisted that the forecast for 0.8% GDP growth next year was “realistic”, while citing a long list of preconditions. If the Eurozone is able to overcome its imbalances, if a solution is found for Greece, if Spain is able to access financial aid, if an accord on centralized bank supervision is found by year’s end, and if reforms to bolster domestic competitiveness are “rigorously” implemented, then, “Yes, we will make 0.8% next year and we will make 2% in 2014,” he said. Moscovici played down the significance of the downgrade, noting that it had very little impact on government yields and that Moody’s had recognized a number of strong points in the French economy. “We still remain at a very high level of quality,” he argued. –Paris newsroom +331 4271 5540; Email: stephen@marketnews.com. [TOPICS: M$F$$$,M$X$$$,MGX$$$,M$$$Y$,M$$CR$,MT$$$$]

Bank of Spain Gov Linde: ECB has contributed to stability in crisis Posted: 21 Nov 2012 12:09 AM PST OMT plan eased pressure on markets Spain still suffering restrictive funding conditions Spain must reduce dependency on foreign funding Spain economy in ‘delicate’ situation Outlook for coming quarters not favourable in Spain Budget cuts are essential Spanish economic recovery depends on reforms Competitiveness, public finances are key for Spain Revenue forecasts should be prudent Can’t rule out slippage on budget this year Possible slippage can be offset with other cs (that’ll go down well) Budget target depends on measures working as expected Bloomberg reporting.

Today’s orderboard Posted: 20 Nov 2012 11:33 PM PST EUR/USD:  Bids 1.2730/40(real money, sovereigns,US Banks), possible sell stops below. More bids 1.2700/10, further sell stops on a break and through 1.2680, ahead of bids 1.2650/60(100 day MA at 1.2654 ).Offers 1.2780 though to 1.2810 ( 200 day MA  1.2805)  and more offers/tech 1.2830/50 (31.8% Oct17 –Nov 13 fall 1.2842). GBP/USD:   Bids 1.5880/90 and bids/ tech 1.5850/60 (200 day MA at 1.5854), more 1.5800/10 and tech supp 1.5790 (50% fibo of June-Sept rally) sell stops below 1.5790. Offers 1.5925/35 possible buy stops just above, ahead of tech res 1.5940/50 ( daily cloud base 1.5937) , larger up at 1.6000/10 (kijun line 1.6003) EUR/GBP:  Offers 0.8045/55, buy stops above ahead of stronger offers 0.8080/8100.  (200 day MA at 0.8076).  Bids /tech supp/options at 0.8000/10, sell stops just below ahead of more bids 0.7985/95, tech supp cloud base 0.7975, and at 0.7960/70. (79.64 100 day MA). USD/JPY:  Bids 81.55/75, 40/50 and 80.90/81.10, sell stops through 80.90 ahead of more bids  80.50/60. Offers 81.90/00 from exporters / option protection (82.00 barrier)buy stops through 82.00 ahead of more offers 82.30/50 ( 82.50 barrier) EUR/JPY:  Offers 105.00/10 buy stops above ahead of further offers  105.45/55 (May 4 high 105.55). Bids 104.00/10 sell stop below ahead of bids 103.50/60 with further sell stops below AUD/JPY:  Bids 84.55/65 and 84.20/30, sell stops below and through 84.00.  Offers 85.00/10 buy stops with larger on a break of 85.20/30 (85.27 – 76.4% retracement of March 18-Jun 1 fall around 85.27) AUD/USD: Bids 1.0345/55 real money sovereigns, possible small sell stops through 1.0340 ahead of larger support 1.0330 down to 1.0300 (cloud base 1.0328, 200 day MA 1.0316. Offers 1.0385/00, and 1.0415/25, with larger up at 1.0450/60 EUR/AUD: Bids 1.2290/10, 1.2250/60 larger down at 1.2200/10(100 day 1.2200). Offers from 1.2340/50 and 1.2390/10 buy stops though 200 day MA at 1.2411 NZD/USD: Bids 0.8125/40 (daily cloud base 0.8136, 100 day MA 0.8128), sell stops through 0.8120 ahead of bids 0.8100/.10 with more sell stops through 0.8100. Offers  0.8165/75 with larger up at  0.8190/00.

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